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Understanding the Adoption Context of China’s Digital Currency Electronic Payment

In: Blockchain, Crypto Assets, and Financial Innovation

Author

Listed:
  • Huosong Xia

    (Wuhan Textile University
    Universities of Hubei Province
    Wuhan Textile University)

  • Yangmei Gao

    (Wuhan Textile University)

  • Justin Zuopeng Zhang

    (Coggin College of Business, University of North Florida)

Abstract

Central banks worldwide have started researching and developing central bank digital currencies (CBDCs). In the digital economy context, concerns regarding the integrity, competition, and privacy of CBDC systems have also gradually emerged. Against this backdrop, this study aims to evaluate users’ willingness to use China’s digital currency electronic payment (DCEP) system, a digital payment and processing network, and its influencing factors by comprehensively considering and comparing the characteristics of cash and third-party payment services. Combining the push–pull-mooring framework (PPM) and task-technology fit (TTF) theory, we discuss the scenarios and mechanisms that may inspire users’ DCEP adoption intention through an empirical study. The results reveal that privacy concerns regarding the original payment methods and technology-task fitting level of DCEP positively impact users’ willingness to adopt DCEP. The technical characteristics of DCEP, users’ payment requirements, and government support positively affect users’ adoption intention by influencing the task-technology matching degree of DCEP. Switching cost significantly and negatively impacts adoption intention, whereas relative advantage exhibits no significant effect. This research contributes to a better understanding of the factors that influence switching intentions and the actual use of DCEP, and provides policy guidance on promoting the efficiency and effectiveness of DCEP.

Suggested Citation

  • Huosong Xia & Yangmei Gao & Justin Zuopeng Zhang, 2025. "Understanding the Adoption Context of China’s Digital Currency Electronic Payment," Springer Books, in: Gang Kou & Yongqiang Li & Zongyi Zhang & J. Leon Zhao & Zhi Zhuo (ed.), Blockchain, Crypto Assets, and Financial Innovation, pages 128-161, Springer.
    • Handle: RePEc:spr:sprchp:978-981-96-6839-7_5
    DOI: 10.1007/978-981-96-6839-7_5
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