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

Author

Listed:
  • Marcos Cerón

    (Banco Central de Reserva del Perú)

  • Marcelo Paliza

    (Banco Central de Reserva del Perú)

  • Elmer Sánchez

    (Banco Central de Reserva del Perú)

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.

Suggested Citation

  • Marcos Cerón & Marcelo Paliza & Elmer Sánchez, 2026. "Assessing the factors that promote adoption and use of a CBDC wallet: evidence from Peru," IHEID Working Papers 09-2026, Economics Section, The Graduate Institute of International Studies.
    • Handle: RePEc:gii:giihei:heidwp09-2026
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    References listed on IDEAS

    as
    1. Arturo Andia & Jose Aurazo & Marcelo Paliza, 2025. "Adoption and welfare effects of payment innovations: The case of digital wallets in Peru," Working Papers 2025-006, Banco Central de Reserva del Perú.
    2. Raphael Auer & Rainer Boehme, 2020. "The technology of retail central bank digital currency," BIS Quarterly Review, Bank for International Settlements, March.
    3. Raphael A. Auer & Giulio Cornelli & Jon Frost, 2020. "Rise of the Central Bank Digital Currencies: Drivers, Approaches and Technologies," CESifo Working Paper Series 8655, CESifo.
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    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Systems; Standards; Regimes; Government and the Monetary System
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • C26 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Instrumental Variables (IV) Estimation

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