The impact of Fintech innovations on digital currency adoption: a blockchain-based study in India

Abstract

Purpose The purpose of this study is to integrate customer value theory (CVT) and protection motivation theory (PMT) to understand the factors that have an impact on customer experience, e-trust and intention to recommend, which influence the adoption behaviour of digital currency users. Design/methodology/approach A purposive sampling technique was used, and data were gathered through an online survey of 414 respondents. The measurement and structural models were tested using partial least squares structural equation modelling to establish linkages between the constructs. Findings Functional, emotional and social values positively impact customer experience. Furthermore, perceived severity, perceived vulnerability, response efficacy and self-efficacy had a positive impact on e-trust. E-trust positively affects customer experience and intention to use the digital currency directly. The study demonstrated that perceived value and protection motivation factors play a significant role in influencing the use of digital currency. Practical implications For managers and policymakers interested in the Indian digital currency market, it is suggested that functional utility and emotional and social benefits can enhance user satisfaction. In an e-trust model, user education to increase risk and protection awareness, effectiveness of responses and self-efficacy are critical to building e-trust. Originality/value Building on CVT and PMT’s usage in the broader financial services domain, this research empirically confirms the significance of perceived value and protection motivation factors while adopting digital currency. It provides an extensive and multifaceted approach to comprehending customer involvement and trust in digital financial services, thus enhancing the theoretical and empirical knowledge of both the fintech and blockchain industries.