Extending UTAUT with national identity and fairness to understand user adoption of DCEP in China

Abstract

The introduction of digital currency electronic payment (DCEP) by the Central Bank of China is conducive to the central bank's timely grasp of macroeconomic dynamics and the internationalization of RMB. As DCEP is one of the first digital currencies issued by the central bank to be used on a large scale internationally, it is necessary to conduct research on its user adoption. Therefore, this research extends the unified theory of acceptance and use of technology (UTAUT) to explore factors affecting the adoption of DCEP. The researchers cooperated with city banks that have started to use DCEP, and distributed questionnaires to users in the lobbies of these banks. A total of 295 valid questionnaires were empirically examined with Smart-PLS. The results indicate that perceived fairness, habits, social influence and national identity have significant effects on usage, with p values less than 0.05. National identity is shown to be a significant moderator of the relationships between perceived fairness, habit, perceived risk and usage, with p values less than 0.05. National identity is shown to have no moderating effect between social influence and usage, with a p value greater than 0.05. This research provides the central bank and the government with suggestions to increase user enthusiasm and reduce user perceived risks, thereby promoting the widespread use of DCEP.

The Role of Islamic Religiosity on the Relationship Between Risk, Trust, and Intention to Use Digital Payments During the COVID-19 Pandemic

“…However, in online purchasing services, financial, product, security, time, and psychological risks negatively affect the intention to use (Ariffin, Mohan & Goh, 2018). Meanwhile, perceived risk affected the usage of digital currency electronic payment (Wu, An, Wang & Shin, 2022). These findings indicate that the higher the risk, the lower the intention to use digital payments again.…”

Understanding the adoption context of China’s digital currency electronic payment

“…In global e-commerce and corporate payments, DCEP can exert the advantage of government support to ensure that the transaction process is more convenient and friendly (Wang et al 2022a , b ). Regarding promotions, users with a higher sense of national identity are more likely to use DCEP (Wu et al 2022 ). Owing to security concerns and economic benefits, users with less social experience tend to trust new payment tools (Ključnikov et al 2020 ), but CBDCs need to design their figures and enhance their popular identity to stimulate soft trust among users (Tronnier et al 2022 ; Radic et al 2022 ).…”

“…Common factors influencing users’ switching behavior include quality, satisfaction, value, trust, commitment, price perception, alternative attitudes, social impacts, switching costs, previous switching behavior, and diversification tendencies (Kesharwani et al 2021 ; Li 2021 ; Rahman et al 2020 ; Rouibah et al 2021 ; Sampaio et al 2021 ; Shiau et al 2021 ; ZareRavasan and Krčál 2021 ). Digital currency and electronic payment research focusing on consumers’ choices of payment tools is increasing (Wu et al 2022 ). Previous studies have revealed the following two challenging steps in guiding payment behavior: (1) changing payment preferences and (2) the actual payment choice to match new payment preferences (van der Cruijsen and van der Horst 2019 ).…”

Factors Affecting Lawyers Adoption to Live Broadcast Platforms

“…They were rated on a seven-point Likert scale (1 strongly disagree, 7 strongly agree). Social Influence construct was measured using three items Based on Wu, An, Wang, and Shin (2022). My colleague suggested that I use live broadcast platforms.…”