Professor Darren Duxbury Joins Bank of England’s Payments Academic Advisory Group

In 2024, Professor Darren Duxbury, Chair in Finance at Newcastle University Business School, was appointed a member of the Central Bank Digital Currency (CBDC) Academic Advisory Group. This group has provided a forum to engage stakeholders from academia and gathered input from a range of fields relevant to the digital pound (CBDC).

Professor Duxbury said: "The CBDC Academic Advisory Group provided a valuable forum for informed, interdisciplinary discussion on the future of money and payments. I was pleased to contribute behavioural evidence that could help inform the Bank of England’s thinking during the design phase of the digital pound."

During his membership of this advisory group, Professor Duxbury presented his research findings to the Bank of England which fed into a subgroup report, co-authored with other members. This report will inform the Bank’s planning and design phase for a digital pound.

Payments Academic Advisory Group

The CBDC Academic Advisory Group provided a rich source of discussion and debate on the key topics relevant to the Bank’s exploration of the digital pound. The Bank of England has recognised the success of the group and noted that the issues discussed have implications wider than CBDC. Due to this, the Bank has broadened the scope of this initial advisory group to encompass their wider payments work.

This has resulted in the creation of the new Payments Academic Advisory Group (PAAG). This forum focuses on supporting informed, evidence-based discussion on the opportunities and risks shaping the future payments landscape.

The forum's membership brings together leading academics and policy thinkers from disciplines including economics, law, behavioural science, competition, technology and innovation.

Professor Duxbury will continue his working relationship with the BoE as a member of this new Payments Academic Advisory Group (PAAG). His on-going research into the behaviours behind the use of cash versus digital payments will form part of the evidence-based discussion shaping the future payments landscape.

Reflecting on his continued appointment he said: "I’m delighted to continue working with the Bank of England on the wider future of UK payments. Payment innovation needs to be grounded in behavioural insights into consumer adoption, payment intentions and the continued role of cash in everyday transactions."

Related publications

Duxbury, D., Verousis, T. & Marsh, D. (2026). Behavioral drivers of intentions to use cash: UK survey evidence. Financial Innovation 12, 98. https://doi.org/10.1186/s40854-026-00919-8

Duxbury, D., Liñares-Zegarra, J., & Verousis, T. (2025). Consumer Financial Literacy and Habitual Behaviour as Drivers of Contactless Payment Ownership. The European Journal of Finance, ahead-of-print. https://doi.org/10.1080/1351847X.2025.2517119