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Does Previous Experience with the Unified Payments Interface (UPI) Affect the Usage of Central Bank Digital Currency (CBDC)?

Author

Listed:
  • Munish Gupta

    (University School of Business, Chandigarh University, Mohali 140413, India)

  • Sanjay Taneja

    (University School of Business, Chandigarh University, Mohali 140413, India)

  • Vikas Sharma

    (University School of Business, Chandigarh University, Mohali 140413, India)

  • Amandeep Singh

    (Chitkara Business School, Chitkara University, Rajpura 140401, India)

  • Ramona Rupeika-Apoga

    (Faculty of Business, Management and Economics, University of Latvia, LV-1586 Riga, Latvia)

  • Kshitiz Jangir

    (Department of Business Administration and Commerce, Manipal University Jaipur, Jaipur 303007, India)

Abstract

In this study, we examined the influence of users’ experiences with the unified payments interface (UPI) system on the usage behavior of central bank digital currency (CBDC) in India. Our research developed a novel conceptual framework that investigated the relationships between technology, cognitive factors, and behavioral intentions towards CBDC use. The framework integrated UPI usage experience as a moderator within existing models of behavioral intentions and use behaviors. We collected data through a survey conducted in major Indian cities during the pilot launch of CBDC. By utilizing a partial least squares structural equation model (PLS-SEM), we analyzed the proposed model and the relationships between the constructs. Our findings revealed the significant impact of hedonic motivation and performance expectancy on users’ behavioral intentions towards CBDC. Social influence also played a significant role in CBDC usage. Furthermore, we identified that prior UPI usage negatively moderated the relationship between performance expectancy and behavioral intention, as well as the relationship between social influence and use behavior. However, prior UPI usage did not significantly moderate the relationships between perceived risk, hedonic motivation, behavioral intention, and use behavior. These findings contribute to our understanding of the factors influencing CBDC adoption and usage behavior in India.

Suggested Citation

  • Munish Gupta & Sanjay Taneja & Vikas Sharma & Amandeep Singh & Ramona Rupeika-Apoga & Kshitiz Jangir, 2023. "Does Previous Experience with the Unified Payments Interface (UPI) Affect the Usage of Central Bank Digital Currency (CBDC)?," JRFM, MDPI, vol. 16(6), pages 1-23, May.
    • Handle: RePEc:gam:jjrfmx:v:16:y:2023:i:6:p:286-:d:1155218
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    References listed on IDEAS

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    1. Ibn Kailan Abdul-Hamid & Aijaz A. Shaikh & Henry Boateng & Robert E. Hinson, 2019. "Customers' Perceived Risk and Trust in Using Mobile Money Services—an Empirical Study of Ghana," International Journal of E-Business Research (IJEBR), IGI Global Scientific Publishing, vol. 15(1), pages 1-19, January.
    2. Ghazanfar Ali Abbasi & Lee Yin Tiew & Jinquan Tang & Yen-Nee Goh & Ramayah Thurasamy, 2021. "The adoption of cryptocurrency as a disruptive force: Deep learning-based dual stage structural equation modelling and artificial neural network analysis," PLOS ONE, Public Library of Science, vol. 16(3), pages 1-26, March.
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    Cited by:

    1. K Padma Kiran & Naga Sailaja Vedala, 2025. "Exploring behavioral intentions of consumers towards different digital payment services through the interplay of perceived risks and adoption factors," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 12(1), pages 1-13, December.
    2. Harshdeep Kaur & Rajwinder Kaur & Monita Mago & Manjit Singh & Kanika Mehta, 2024. "Exploring Factors Affecting Central Bank Digital Currency Adoption: A Perspective from Generation Z," Metamorphosis: A Journal of Management Research, , vol. 23(2), pages 126-141, December.
    3. Jitender Kumar & Manju Rani, 2025. "Past, present and future of central bank digital currency: a systematic literature review and relevant issues," Journal of Banking Regulation, Palgrave Macmillan, vol. 26(4), pages 701-720, December.
    4. Vikrant Singh & Mayank Yadav & Ashish Gupta, 2026. "CBDC in a privacy sensitive world: extending UTAUT with digital financial literacy and anonymity insight," Journal of Financial Services Marketing, Palgrave Macmillan, vol. 31(1), pages 1-25, March.
    5. Ioannis Zervas & Emmanouil Stiakakis & Ioannis Athanasiadis & Georgios Tsekouropoulos, 2024. "A Holistic Approach to Define Important Digital Skills for the Digital Society," Societies, MDPI, vol. 14(7), pages 1-22, July.
    6. K Padma Kiran & Naga Sailaja Vedala, 2025. "Assessing Unified Payments Interface (UPI) adoption and usage through the interplay of UTAUT factors," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 12(1), pages 1-12, December.
    7. Pushpkiran Singh & Tejas Dave & Ashish B. Joshi, 2024. "Moderating role of Digital Consumer Protection in Impacting the Intention to Use Digital Financial Services," International Review of Management and Marketing, Econjournals, vol. 14(5), pages 222-234, September.

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