According to a survey, a digital euro as a supplement to notes and coins would also have potential among cash-loving Germans. One in five of 2,040 respondents in this country stated in the YouGov survey for the management and technology consultancy BearingPoint that they wanted to use a digital euro daily (8 percent) or two to three times a week (12 percent). However, a quarter (25 percent) of survey participants in Germany also answered that they would never use a digital euro.
In the survey, 13 percent of those surveyed in Germany expressed the opinion that the digital euro will replace cash within the first five years after its introduction. A total of 25 percent believe that other digital payment methods such as cards, Google Pay, Apple Pay or Paypal will replace them.
A third (33 percent) of the 2,040 respondents in Germany were unable to answer this question, where several answer options could be selected: According to their own information, before the survey, which was carried out in seven countries from September 11th to 22nd, 2023, haven’t heard anything about a digital euro yet.
“Knowledge about the digital euro is now relatively widespread. However, in order to accept the digital euro as a supplement to cash, the level of information should be further expanded,” said BearingPoint partner Robert Bosch, summarizing the results.
When will the digital euro be ready for the market?
According to Bundesbank board member Burkhard Balz, who is involved in the project, it could take at least four to five years before a digital euro is ready for the market. Banks could obtain the digital euro from central banks like cash. Consumers would receive it credited to a digital wallet, a so-called wallet, and would be able to pay in a matter of seconds around the clock, for example using their smartphone – even if they do not have an internet connection.
With a digital euro, the euro central banks want to counter private providers, especially from the USA, who currently dominate the market for digital payments in Europe, with a European digital payment offer. According to the ECB and the EU Commission, if there are more offers for digital payment overall, this could also lead to their use becoming cheaper. Experts in more than 100 countries worldwide are currently working on the development and application of digital central bank money (Central Bank Digital Currencies – CBDC).
