Modeling the significance of unified theory of acceptance and use of technology in predicting the intention and usage of eCNY

Yue Ma (), Abdullah Al Mamun (), Mohammad Masukujjaman () and Roslan Ja’afar ()
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Yue Ma: Jinshen Collage, Nanjing Audit University
Abdullah Al Mamun: Universiti Kebangsaan Malaysia, UKM
Mohammad Masukujjaman: Faculty of Business and Professional Studies, Management and Science University
Roslan Ja’afar: Universiti Kebangsaan Malaysia, UKM

Financial Innovation, 2025, vol. 11, issue 1, 1-32

Abstract: Abstract The introduction of the digital renminbi (eCNY) by the People's Bank of China serves as a means for the central bank to effectively comprehend macroeconomic dynamics and enhance payment infrastructure within the domestic market. Among the pioneering digital currencies, the eCNY is at the forefront of technological research and development, pilot implementation, and the establishment of a robust system. Thus, employing the unified theory of acceptance and use of technology, this study aims to explore the factors shaping the adoption of the eCNY and to determine the mediating effects of intention toward the eCNY and the moderating role of age and gender among various relationships. A cross-sectional survey methodology was deployed to collect data from pilot communities situated within the Yangtze River Delta, Pearl River Delta, and Beijing–Tianjin–Hebei regions. The empirical analysis comprised 809 valid online questionnaires, and the examination was conducted through structural equation modeling employing the partial least squares technique, ultimately subjecting the conceptual model to a comprehensive assessment. The results for intention to use the eCNY indicate that performance expectancy, effort expectancy, social influence, and perceived government policy have significant effects. Facilitating conditions and intentions toward the eCNY positively influenced its actual use. According to the findings of this study, age and sex did not moderate the effect of each hypothesis on the intention to use in the research model. This study breaks new ground by investigating the adoption of the eCNY, a novel form of currency, highlighting its multifaceted nature and providing empirical evidence for a comprehensive model encompassing psychological, social, and contextual factors. This study employs social surveys to identify obstacles in the process of promoting the widespread adoption of the eCNY and offers suggestions to the central bank and government to increase user enthusiasm and decrease user perceptions of risk, thereby promoting its widespread adoption.

Keywords: Digital currency; eCNY; Intention and actual usage; Unified theory of acceptance; Use of technology (search for similar items in EconPapers)
Date: 2025
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DOI: 10.1186/s40854-024-00712-5

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