SiCPA - CBDC - Peer to Peer

Digital Cash Keys To Broader Public Adoption

CBDC Design: a human perspective on payments  

True to its innovative spirit, SICPA has been exploring Central bank Digital Currency (CBDC) and has conducted applied research on the topic for several years.


The stated ambition of many retail CBDC projects is to foster greater financial inclusion, yet few studies explore public needs and desire for this new form of money.


Together with financial behaviour researchers, Finthropology, SICPA has recently carried out field research with low-income groups in Brazil to learn from existing choices and behaviours in payments.  

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Brazil’s large informal sector and rapidly growing adoption of digital payments provided a unique lens to consider the potential role of CBDC within a broad financial toolbox. 


The research revealed payment behaviours and challenges gathered from literature review, 63 interviews, a short survey and observations carried out in rural and urban locations.


Analysis of the study has generated key insights relevant for CBDC design, shining a light on how contextual behaviour can influence potential adoption. 

Insights for CBDC Design

  • Ensure functional value alongside other financial tools 


  • Facilitate greater payment choice 


  • Overcome existing payment pain points 


  • Provide a service layer 


  • Reduce costs for the public and merchants 


  • Lower transaction risks 


  • Simplify money flows 


  • Minimise data sharing 


  • Enable broader inclusivity 


  • Support easier money management 

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Insights for CBDC Design and Adoption

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Insights for CBDC Design and Adoption

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