A primer to central bank digital currency: a payments ecosystem disruptor Online publication date: Wed, 01-May-2024
by Nithiyananthan Suppiah; Humayun Zafar
International Journal of Blockchains and Cryptocurrencies (IJBC), Vol. 4, No. 4, 2023
Abstract: The digital payments landscape has evolved rapidly with the wide adoption of FinTech. The challenges linked to the current payment environment have generated a necessity for a more productive, safe, and economical payment structure. Conventional price structures consist of intermediaries like issuers, networks, and payment processors, ensuing extended transaction costs for merchants and shoppers. Moreover, the ongoing system is at risk of security threats and payment card fraud, which produces tremendous economic losses for merchants and monetary establishments. Although there is a growing demand for a charging device that is faster, cheaper, and more steady, the capacity of central bank digital currencies (CBDC) to supply those goals still needs to be determined. Before realising the concept, hurdles, including scalability, interoperability, and jurisdictional inconsistencies, must be addressed. Recognising the results of the proposed new payment method requires further research.
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