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The NBER published a paper develops a dynamic model of technology adoption featuring strategic complementarities: the benefits of usage increase with the number of adopters. It studies the diffusion of new means of payments, where such complementarities are pervasive. It shows that complementarities give rise to multiple equilibria, suboptimal allocations, and study the planner's problem. The model generates gradualism in adoption, as individuals optimally wait for others to adopt before doing so. It applies the theory to the adoption of SINPE, an electronic peer-to-peer (P2P) payment app developed by the Central Bank of Costa Rica. A calibrated version of the model shows that the optimal subsidy pushes the economy to universal adoption.

[August 6, 2021] Banco Central de Costa Rica (BCCR) has been studying the topic of central bank digital currency (CBDC) in depth and, for the moment, does not consider it necessary to launch one. The reason is that the main objectives of doing so (financial inclusion and provision of secure, agile and low-cost digital payments) have been achieved in the country, thanks to the successful Sistema Nacional de Pagos Electrónicos (SINPE). This platforms has reduced transaction costs and increased efficiency, safety, and reliability. In other words, through SINPE, Costa Rica already has a digital colon. In any case, if there comes a time when it is necessary to launch a CBDC, the BCCR will have the technological infrastructure base on which it was developed, through the Central Direct online services platform.