Various forms of it are being piloted and used in limited circumstances. But merchants will accept digital money only when they perceive benefits that will outweigh the initial costs of gearing up for it. This slow acceptance is not unusual for new technologies, and the takeoff can be explosive once critical mass is reached. There are many competing versions of digital money, none with any great degree of penetration. This situation is stifling growth in much the same way that competition between Beta and VHS formats stifled the growth of the video industry - until VHS won.
Consumers are extremely conservative about money.
Credit cards, ATM cards, and debit cards all took time to gain acceptance. Digital Money and Other Electronic Payment Systems Digital money systems being developed and deployed today challenge society's long-held understanding of what money is. The textbook characteristics of money are that it is a generally acceptable medium of exchange, a unit of account, and a lasting store of value. Money must be guarded against overissue and inflation that erode its value. Digital money is monetary value represented by digital information and spent electronically.