Understanding Factors Influencing CBDC Usage Intentions Among Indian Households: Applying an Extended UTAUT Model

This research looks into the factors affecting Central Bank Digital Currency (CBDC) adoption intentions among households in India. Extending the Unified Theory of Acceptance and Use of Technology (UTAUT) model, this study integrates perceived trust and perceived security as mediators and attitude as a moderator. After collecting data from 386 respondents, the proposed model is validated through Partial Least Squares Structural Equation Modeling (PLS-SEM) and Importance-performance Map Analysis (IPMA). The results indicate that the intention to use CBDC is most affected by performance expectancy and facilitating conditions. Moreover, perceived trust substantially affects the association between perceived security and behavioral intention. Also, it is found that attitude significantly moderates the path from performance expectancy to behavioral intentions, whereas it exerts an insignificant moderating effect on the relationships involving effort expectancy, social influence, perceived security, and behavioral intentions. Finally, this study contributes uniquely to the existing body of literature on CBDC by focusing on households’ perspective, providing an insightful information on customer-specific adoption factors and other such information for policymakers and practitioners.