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Antecedents of the continuance intention to use CBDCs: Evidence from the e-CNY
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DOI：10.1016/j.iref.2025.104870.png)
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Abstract
En 中文
The success of central bank digital currency (CBDC) projects hinges on broad and sustained public adoption. Focusing on the e-CNY, this study identifies the antecedents of retail users’ continuance intention to use a CBDC. We extend established mobile payment theories by incorporating e-CNY-specific factors that distinguish it from mainstream retail payment methods, thereby developing an integrated model of continuance intention for e-CNY use. Using PLS-SEM, we test the model with two waves of survey data collected from e-CNY users. The results show that both core mobile-wallet attributes and the newly introduced e-CNY-specific factors significantly shape continuance intention. Across both waves, network effect and perceived ease-of-use emerge as the most influential external variable and mediating variable, respectively. Although e-CNY characteristics have statistically significant effects, their practical importance remains secondary even as users’ awareness increases. Perceived trust plays a limited mediating role and exhibits indirect effects with opposite signs across pathways from different external variables, a pattern consistent with the privacy paradox documented in China’s fintech market. Our findings provide practical implications for CBDC design and promotion, and for strategies to foster adoption and continued use.
Keywords:
Central bank digital currency
E-CNY
Mobile payment
PLS-SEM
Continuance intention to use
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