Assessing the factors that promote adoption and use of a CBDC wallet: evidence from Peru

Marcos Cerón, Marcelo Paliza and Elmer Sánchez León
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Marcos Cerón: Banco Central de Reserva del Perú
Marcelo Paliza: Banco Central de Reserva del Perú

No 09-2026, IHEID Working Papers from Economics Section, The Graduate Institute of International Studies

Abstract: This paper examines the determinants of Central Bank Digital Currency (CBDC) wallet usage and evaluates the impact of a retail CBDC pilot implemented by the Central Reserve Bank of Peru (BCRP) in regions with low levels of financial inclusion. As of August 2025, the pilot reached approximately 117 thousand active users and 60 thousand participating merchants, while the outstanding balance of CBDC in circulation amounted to about PEN 7.5 million. Focusing on districts with low levels of financial inclusion, the first part of the paper investigates the individual-level determinants of CBDC wallet usage. Survey-based evidence indicates that awareness of the central bank's involvement, satisfaction with the wallet, and the use of other digital wallets are strongly associated with active usage. In contrast, selfemployment is negatively correlated with wallet activity, likely reflecting the closed-loop design of the pilot. In the second part of the paper, we exploit a quasi-experimental setting created by differentiated advertising campaigns across treated and control districts to estimate the effects of the intervention. The results show that the campaign significantly increased merchant adoption. Instrumental-variable estimates further identify merchant participation as a key mechanism driving wallet usage. Overall, the findings highlight the features and policy levers that are critical for the adoption of a retail CBDC, including merchant network expansion, well-targeted advertising campaigns, clear communication about the central bank's involvement and financial incentives.

Keywords: retail CBDC; digital payments; quasi-experimental design (search for similar items in EconPapers)
JEL-codes: C26 E42 E58 (search for similar items in EconPapers)
Pages: 55 pages
Date: 2026-03-19
New Economics Papers: this item is included in nep-cba, nep-fdg, nep-fle, nep-mon and nep-pay
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