Adoption of India’s E-Rupee: What Really Matters

Abstract

The rapid evolution of financial technologies and digital payment systems has accelerated the introduction of Central Bank
Digital Currencies (CBDCs) worldwide. India’s E-Rupee initiative seeks to enhance financial inclusion, reduce dependency
on cash, and promote digital efficiency. This study examines the factors influencing the adoption of the E-Rupee, focusing
on perceived usefulness, perceived ease of use, value barriers, risk barriers, security risk, financial capability, and subjective
norms. Using data from 164 respondents across India, the study employed statistical analysis to explore the relationships
between user attitudes, resistance, and adoption intention. Results reveal that perceived usefulness, ease of use, and
subjective norms significantly influence adoption intention, while resistance—shaped by risk and security concerns—acts
as a barrier. Financial capability moderates both attitude to adoption as well as resistance to adoption. The findings offer
practical insights for policymakers and financial institutions to enhance awareness, security, and accessibility in promoting
E-Rupee adoption.