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ABSTRACT
The application of a central bank digital currency (CBDC) is promising a substantial alteration to the payment system and the provision of a safe, efficient, and inclusive financial system. However, the determinants of individuals’ behavioural intentions (BIs) toward using this financial technology are still unclear. Based on the integration of the technology acceptance model and innovation diffusion theory, this study develops a theoretical framework, which was validated through a questionnaire survey undertaken with 344 CBDC users from 10 pilot areas in China. The results suggest that the proposed theoretical framework is powerful for explaining individuals’ BIs to use CBDC. Furthermore, the results indicate that perceived usefulness, perceived security, and perceived ease of use, as well as awareness all positively and directly influence individuals’ BIs to use CBDC. Although perceived compatibility does not directly influence individuals’ BIs to use CBDC, its impact on individuals’ BIs to use CBDC is fully mediated by perceived security, perceived usefulness, and perceived ease of use. This study contributes to the CBDC literature by investigating individuals’ BIs to use CBDC. This study also offers important practical implications in fostering the application of CBDC.
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No potential conflict of interest was reported by the author(s).
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Notes on contributors
Xin Liu
Xin Liu received the Master’s degree in School of Mathematics and Statistics from Xidian University, Xi’an, China, in 2018. He is currently pursuing the Ph.D. degree in School of Economics and Finance with Xi’an Jiaotong University, China. His current research interests are financial technology and central bank digital currency.
Qi Wang
Qi Wang received the Master’s degree in School of Mathematics and Statistics from Chongqing University, Chongqing, China, in 2018. She is currently pursuing the Ph.D. degree in School of Economics and Finance with Xi’an Jiaotong University, China. Her current research interests are financial technology and central bank digital currency.
Guangdong Wu
Guangdong Wu received the Ph.D. degree in College of Economics and Management from Tongji University, Shanghai, China, in 2012. He is currently a Professor with the School of Public Policy and Administration, Chongqing University. His research interests are supply chain, conflict management, and knowledge management. His research has been published in journals such as the Journal of Management in Engineering, International Journal of Project Management, Sustainable Cities and Society, and Technological Forecasting and Social Change.
Chenghu Zhang
Chenghu Zhang received the Ph.D. degree in College of Accounting from Xi’an Jiaotong University, Xi’an, China, in 2003. He is currently a Professor with the School of Economics and Finance, Xi’an Jiaotong University. His research interests are internet finance and financial technology.