Title: Unravelling the path to retail CBDC adoption in India: insights from the technology acceptance model

Authors: Parveen Kumar; Anu; Shabnam

Addresses: Department of Management Studies, J.C. Bose University of Science and Technology, YMCA, Faridabad-121006, Haryana, India ' Department of Management Studies, J.C. Bose University of Science and Technology, YMCA, Faridabad-121006, Haryana, India ' Department of Commerce, Aligarh Muslim University, Aligarh-202002, Uttar Pradesh, India

Abstract: The present research aims to identify the determinants for users' behavioural adoption of retail central bank digital currency in India. The study used the variables perceived usefulness and behavioural intention adopted from the technology acceptance model (TAM), and social influence from the unified theory of acceptance and use of technology (UTAUT), along with perceived risk and knowledge. A quantitative and exploratory approach was adopted utilising a structured online survey questionnaire. Data was collected from 265 respondents and analysed using AMOS 21 for confirmatory factor analysis and structural equation modelling. The study found a significant impact of the social influence of digital currency adoption on the perceived usefulness and knowledge of users. Moreover, knowledge and perceived risk were found to have a significant impact on perceived usefulness, with a direct influence of perceived usefulness observed on the behavioural intention of users to adopt CBDC. The model explains 44.5% of the variance in perceived usefulness and 58.1% of the behavioural intention. These findings offer an opportunity to better understand central bank digital currency.

Keywords: central bank digital currency; CBDC; social influence; perceived risk; perceived usefulness; behavioural intentions; knowledge; technology acceptance model; TAM; UTAUT; India.

DOI: 10.1504/IJEBANK.2025.143045

International Journal of Electronic Banking, 2025 Vol.5 No.1, pp.62 - 76

Received: 17 May 2024
Accepted: 10 Sep 2024
Published online: 02 Dec 2024 *

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