Research on factors affecting people’s intention to use digital currency: Empirical evidence from China

In the era of FinTech, many countries are currently exploring the viability of their own digital currencies due to the vast potential in terms of efficiency, security and accessibility. Some digital currencies have been under rapid development and real-world trials have recently been deployed. The purpose of this paper is to understand the main factors that could affect people’s intention to use digital currency via an empirical study. A survey was employed to collect data and the final sample consisted of 408 respondents in China. The responses were analyzed using exploratory factor analysis, confirmatory factor analysis and structural equation modeling. The results showed that financial knowledge, perceived value, openness to innovation and perceived convenience positively impact people’s intention to use digital currency. It was also found that perceived value can be significantly anteceded by perceived monetary value, perceived functional value, and perceived emotional value. In addition, the mediating effect of perceived value on the influencing path between financial knowledge and intention to use was also confirmed. The findings can be utilized by governmental related authorities or FinTech companies to enhance the perception of users and develop effective strategies for increasing their intention to use digital currency.