The issuance of central bank digital currencies became a real policy issue after the announcement of Facebook’s Libra. Which types of product attributes should central bank digital currencies have to be widely accepted? We answer this question by analyzing consumers’ acceptance of hypothetical payment methods. We used Japanese data from the 2019 Financial Literacy Survey to estimate a model of consumers’ ranking of the frequency of the use of five payment methods via three statistical models. The estimates of three models showed that the respondents to the survey value payment methods with shorter transaction times and mobile payment methods. Based on the estimates of these models, we conducted counterfactual simulations for the introduction of the hypothetical mobile version of noncash payment methods that required a shorter transaction time. We found that these hypothetical products would be the most frequently used payment methods on average; however, respondents with experience of financial troubles and with small financial asset holdings would use them less frequently. The results suggest that if the Bank of Japan wanted to issue a central bank digital currency that would be used almost every day as a replacement for cash, policy tools should be utilized to encourage the use of it by these groups as well.

在 Facebook 的 Libra 发布之后，央行数字货币的发行成为一个真正的政策问题。央行数字货币应该具备哪些产品属性才能被广泛接受？我们通过分析消费者对假设支付方式的接受程度来回答这个问题。我们使用来自 2019 年金融素养调查的日本数据，通过三种统计模型来估计消费者对五种支付方式使用频率的排名模型。三种模型的估计表明，调查的受访者看重交易时间较短的支付方式和移动支付方式。基于对这些模型的估计，我们进行了反事实模拟，以引入需要更短交易时间的非现金支付方式的假设移动版本。我们发现这些假设的产品平均来说是最常用的支付方式；然而，有财务困难经历和持有少量金融资产的受访者会较少使用它们。结果表明，如果日本央行想要发行一种几乎每天都在使用的央行数字货币来替代现金，那么也应该利用政策工具来鼓励这些群体使用它。