Designing digital currency wallets for broad adoption

Becca Scollan and Erika Darling
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Becca Scollan: Principal Human Factors Engineer, The MITRE Corporation, USA
Erika Darling: Principal Human Factors Engineer, The MITRE Corporation, USA

Journal of Payments Strategy & Systems, 2023, vol. 17, issue 1, 96-106

Abstract: For most citizens, the primary touch point for central bank digital currency (CBDC) transactions would be a digital currency wallet. A CBDC wallet may have attributes in common with a cryptocurrency wallet and others in common with a mobile payment wallet. If a CBDC is built on distributed ledger technology with token-based access, it would have even more in common with a cryptocurrency wallet than a mobile payment wallet. The unbanked population is increasingly using cryptocurrency wallets and mobile payment wallets. To promote broad adoption of a CBDC among populations currently underserved by the financial industry, governments will first need a greater understanding of the barriers to adoption. This paper examines the user-facing issues pertaining to access and financial inclusion, usability, security, privacy and interoperability, and identifies 11 key user-centred issues relating to the use of CBDC wallets, along with recommendations to address these issues. By adopting these recommendations, a CBDC wallet would better meet the needs of populations underserved by the traditional financial system.

Keywords: central bank digital currency; digital currency wallet; user experience (search for similar items in EconPapers)
JEL-codes: E5 G2 (search for similar items in EconPapers)
Date: 2023
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