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<p>Central Bank Digital Currencies (CBDCs) represent a significant financial innovation with the potential to revolutionise payment systems and enhance financial inclusion. However, the success of CBDC initiatives depends on public acceptance, particularly among digitally native users. This study investigates the factors influencing Generation Z’s intention to adopt CBDCs in India. Utilising Behavioural Reasoning Theory (BRT), this study explores how personal values shape the reasons supporting and opposing CBDC adoption and how these factors affect attitudes and behavioural intentions. A dual-method approach was employed, beginning with an exploratory qualitative phase using focus groups to identify the key motivations and barriers to CBDC adoption. The subsequent quantitative phase involved collecting survey data from 380 Generation Z respondents experienced in digital financial transactions. The proposed model was analysed using partial least squares structural equation modelling (PLS-SEM) and fuzzy-set Qualitative Comparative Analysis (fsQCA). The findings indicate that openness to change significantly enhances supportive reasons and diminishes resistance to CBDC adoption. Factors such as relative advantage, convenience, and sustainability positively influence attitudes and intentions, whereas knowledge, risk, usage, and traditional barriers impede adoption. For Indian policymakers, enhancing awareness, trust, and user-friendly digital infrastructure is vital for accelerating CBDC acceptance.</p>

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Understanding Generation Z’s adoption of Central Bank Digital Currency (CBDC): A dual-method approach using PLS-SEM, and fsQCA

  • 期刊论文

  • 发表日期：

    2026年7月15日

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  • Rakesh Sharma,
  • Neelika Arora,
  • Jitendra Yadav,
  • Vikas Chauhan

摘要

Central Bank Digital Currencies (CBDCs) represent a significant financial innovation with the potential to revolutionise payment systems and enhance financial inclusion. However, the success of CBDC initiatives depends on public acceptance, particularly among digitally native users. This study investigates the factors influencing Generation Z’s intention to adopt CBDCs in India. Utilising Behavioural Reasoning Theory (BRT), this study explores how personal values shape the reasons supporting and opposing CBDC adoption and how these factors affect attitudes and behavioural intentions. A dual-method approach was employed, beginning with an exploratory qualitative phase using focus groups to identify the key motivations and barriers to CBDC adoption. The subsequent quantitative phase involved collecting survey data from 380 Generation Z respondents experienced in digital financial transactions. The proposed model was analysed using partial least squares structural equation modelling (PLS-SEM) and fuzzy-set Qualitative Comparative Analysis (fsQCA). The findings indicate that openness to change significantly enhances supportive reasons and diminishes resistance to CBDC adoption. Factors such as relative advantage, convenience, and sustainability positively influence attitudes and intentions, whereas knowledge, risk, usage, and traditional barriers impede adoption. For Indian policymakers, enhancing awareness, trust, and user-friendly digital infrastructure is vital for accelerating CBDC acceptance.