Title: Explicating the factors driving retail central bank digital currency adoption in India: an empirical investigation applying the unified theory of acceptance and use of technology model

Authors: Umarani Muthukrishnan; Som Sekhar Bhattacharyya; Nikunj Kumar Jain

Addresses: Department of Strategy and Entrepreneurship, Indian Institute of Management Nagpur, IIMN Campus, Nagpur 441108, India ' Strategy and Entrepreneurship, Indian Institute of Management Nagpur, IIMN Campus, Nagpur 441108, India ' Production and Operations Management, Indian Institute of Management Nagpur, IIMN Campus, Nagpur 441108, India

Abstract: This was a study on the adoption of retail central bank digital currency in India. An integrated model was developed using the unified theory of acceptance and use of technology with perceived security driving usage intention along with other factors. Confirmatory factor analysis and structural equation modelling were applied to a sample of 255 respondents. Subsequently, necessary condition analysis (NCA) was executed to arrive at the results. According to NCA results effort expectancy and performance expectancy had a strong influence on usage intention while perceived security and social influence had a moderate influence on usage intention. The study results validated the existing literature on UTAUT with the added new construct of perceived security. In contrast to previous literature facilitating conditions had a negligible impact on usage intention. This was one of the first empirical investigations applying NCA analysis to evaluate the usage intention of the R-CBDC also called as e-Rupee in India.

Keywords: central bank digital currency; e-Rupee; CBDC; technology adoption; unified theory of acceptance and use of technology; UTAUT; necessary condition analysis; NCA.

DOI: 10.1504/IJEBANK.2024.139220

International Journal of Electronic Banking, 2024 Vol.4 No.3, pp.273 - 293

Received: 12 Dec 2023
Accepted: 24 Mar 2024
Published online: 26 Jun 2024 *

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