Investigating Factors Influencing Switching from Third-Party Payment Applications to E-CNY in Shanghai

Background and Aim: As digital payments become more prevalent, users are shifting from third-party payment platforms (WeChat Pay, Alipay) to E-CNY, China’s central bank digital currency. However, despite its government backing, E-CNY adoption remains limited. This study aims to examine user switching behavior by applying the Technology Acceptance Model (TAM) and the Unified Theory of Acceptance and Use of Technology (UTAUT) to identify the key factors influencing adoption. Materials and Methods: A total of 308 valid respondents with experience using both E-CNY and third-party payment platforms participated in an online survey. The research was conducted in three stages: (1) a pilot study to test measurement reliability, (2) a descriptive analysis of user demographics, and (3) Structural Equation Modeling (SEM) to test the relationships between variables affecting switching behavior. Results: The findings indicate that government influence and social influence have the strongest positive impact on switching behavior. Network externalities, perceived ease of use, and perceived usefulness also encourage adoption, while privacy concerns negatively affect switching behavior. Interestingly, trust does not significantly influence user decisions, suggesting that convenience and usability matter more than trust in digital payments. Conclusion: To increase E-CNY adoption, policymakers should enhance usability, address privacy concerns, provide financial incentives, and expand merchant acceptance. Additionally, integrating E-CNY with existing payment platforms and leveraging peer influence will further encourage user switching.