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<p>The current study aims to investigate the factors that determine the usage intention of digital currency issued by the country’s central bank. Building upon the “Unified Theory of Acceptance and Use of Technology (UTAUT)”, the study unveils the role of financial literacy and inclusion as antecedents of technology perception. Moreover, the study also integrates the relative advantage of central bank digital currency (CBDC) to explain the substitution behavior of consumers from comparable fintech services. Using a structured questionnaire, data were collected from 396 Indian respondents and analyzed using the structural equation modelling (SEM) approach. Drawing from the results, the research determines that individuals’ financial profiles significantly influence their perception of the technology. More specifically, the financially literate and included respondents perceive CBDC as easy to use and useful. Within the UTAUT framework, CBDC adoption behavior depends on effort expectancy, social influence, and performance expectancy. Moreover, the relative advantage of CBDC and financial inclusion also predict usage intention. The current findings deliver several implications for enhancing the extant pool of research, as well as for policymakers and industry practitioners.</p>

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Augmenting the technology espousal theory with financial literacy and inclusion as antecedents of technology perception: case of central bank digital currency acceptance

  • 期刊论文

  • 发表日期：

    2026年5月21日

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  • Rajesh Desai

摘要

The current study aims to investigate the factors that determine the usage intention of digital currency issued by the country’s central bank. Building upon the “Unified Theory of Acceptance and Use of Technology (UTAUT)”, the study unveils the role of financial literacy and inclusion as antecedents of technology perception. Moreover, the study also integrates the relative advantage of central bank digital currency (CBDC) to explain the substitution behavior of consumers from comparable fintech services. Using a structured questionnaire, data were collected from 396 Indian respondents and analyzed using the structural equation modelling (SEM) approach. Drawing from the results, the research determines that individuals’ financial profiles significantly influence their perception of the technology. More specifically, the financially literate and included respondents perceive CBDC as easy to use and useful. Within the UTAUT framework, CBDC adoption behavior depends on effort expectancy, social influence, and performance expectancy. Moreover, the relative advantage of CBDC and financial inclusion also predict usage intention. The current findings deliver several implications for enhancing the extant pool of research, as well as for policymakers and industry practitioners.