An average of around one in five Europeans would use the digital euro “several times a week” if the proposed central bank digital currency is introduced (15-21%) and just over one in four expect it to be used as a supplement to existing payment methods (26%), according to a BearingPoint survey.

The consultancy firm’s survey of consumers in seven European countries also found that respondents would use the digital euro primarily for online and daily shopping purchases, and that the key criteria for adoption would be that it is free of charge and universally accepted for both online and offline transactions.

“Trust in data security is seen as a more important criterion for usage than a great user experience,” the researchers add.

“The results of the survey show a very heterogeneous picture in terms of entrustment of transaction data.

“In Finland, 58% of respondents would entrust transaction data to their bank, compared to only 7% in the Netherlands. Entrustment of data to the central bank is most pronounced in the Netherlands (27%) and even ahead of Switzerland (21%).

“Very few respondents would want to entrust their transaction data to technology companies such as Apple, Google, or Amazon.”

Cash usage

The findings also show, however, that cash remains “the major form of payment across Europe” with cash use “significantly higher” in Austria (79%) and Germany (71%), “relatively high” in Switzerland (63%), Ireland (61%), the Netherlands (57%) and France (55%) and “significantly lower” in Finland (43%).

“The popularity of cash is also reflected in the frequency of use. Multi-weekly use is pronounced in Austria (73%) and Germany (66%), while only 19% of respondents in Finland use cash several times a week,” the researchers say.

Respondents in Finland were also most likely to say that they expect cash to stop being used in the next five years, with more than one in three agreeing with the statement. This is a contrast with Austria, where 78% of respondents disagreed, and the other surveyed countries, where an average of 63% disagreed.

“In the countries with the highest cash use, Austria and Germany, the expectation is that the digital euro will be used less frequently than cash. In Finland, the country with the lowest cash use, the digital euro is expected to be used more frequently than cash,” the researchers say.

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