The present research aims to study the behavioural intention to use the digital currencies issued by the central bank through the lens of technology acceptance and switching behaviour perspective. The study also proposes to analyse the role of financial constructs to explain the adoption intention.
The current study develops a model by integrating the unified theory of acceptance and use of technology (UTAUT) and the push–pull–mooring (PPM) theory of switching behaviour. It amends the same by including financial literacy, financial inclusion and trust. A sample data of 419 respondents has been collected through a structured questionnaire and the PLS-SEM approach has been used for data analysis.
The findings suggest that UTAUT and PPM models can significantly predict individuals' readiness to adopt the central bank digital currency (CBDC). More precisely, performance expectancy, social influence, government support, relative advantage and task-technology fit jointly determine the adoption behaviour. Besides, the financial constructs also affect the intention to use CBDC.
The study is largely based on a quantitative approach with cross-sectional data from an Indian sample. Thus, the findings may benefit from a longitudinal approach with mixed-method data analysis. However, the study elaborates on several implications for policymakers and research scholars.
The present study uniquely integrates the technology adoption perspective with switching behaviour applied to the migration studies. Given the nascent stage of CBDC implementation in many countries, the current study uses a triangulation approach to enhance the understanding of its adoption behaviour.
