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<p>The present study investigates adoption mechanism of central bank digital currency (CBDC)-based payment systems, while developing one unified framework with six constructs, namely familiar interface, merchant acceptance, consumer trust, consumer risk, integration with existing payment systems (IPS), and intention to use. Situated within China’s digital commerce ecosystem, this examines how familiar interface would enhance acceptance and trust, with acceptance as mediator. Unlike contemporary literature, this analyses the direct and risk-mediated effects of acceptance on use intention, along with joint impact of trust and risk on CBDC adoption. Using a structured questionnaire, this conducted several statistical tests, including structural equation modelling and mediation analysis, to examine validity of nine proposed hypotheses. Current results determined that familiar interface enhanced acceptance and trust, whereas IPS built trust and reduced risk. Also, acceptance mediated those effects to directly and indirectly enhance use intention. Thus, this study emphasized consumer-centric design, seamless interoperability, and strategic merchant for boosting adoption of CBDC-based payment systems in China and any major economies.</p>

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Impacts of merchant acceptance with consumers’ perceived trust and risk in adopting central bank digital currency in China

  • 期刊论文

  • 发表日期：

    2025年11月3日

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  • Di Wang,
  • Hui Su

摘要

The present study investigates adoption mechanism of central bank digital currency (CBDC)-based payment systems, while developing one unified framework with six constructs, namely familiar interface, merchant acceptance, consumer trust, consumer risk, integration with existing payment systems (IPS), and intention to use. Situated within China’s digital commerce ecosystem, this examines how familiar interface would enhance acceptance and trust, with acceptance as mediator. Unlike contemporary literature, this analyses the direct and risk-mediated effects of acceptance on use intention, along with joint impact of trust and risk on CBDC adoption. Using a structured questionnaire, this conducted several statistical tests, including structural equation modelling and mediation analysis, to examine validity of nine proposed hypotheses. Current results determined that familiar interface enhanced acceptance and trust, whereas IPS built trust and reduced risk. Also, acceptance mediated those effects to directly and indirectly enhance use intention. Thus, this study emphasized consumer-centric design, seamless interoperability, and strategic merchant for boosting adoption of CBDC-based payment systems in China and any major economies.