Digital Payments Adoption in Emerging Markets: The Context of China’s Digital Currency Electronic Payment

There are still significant gaps in our knowledge of the factors that influence the acceptance and use of digital wallets as well as their transformative effects on payment behaviours in China, even though digital wallets are anticipated to grow in line with the global trend towards cashless payment solutions and despite the quick development of mobile payment platforms. With the aim of providing relevant advice to stakeholders and contributing to the continuing conversation on technology adoption, payment behaviour, and socioeconomic dynamics in China, this research investigates trends in the acceptance and use of digital wallets in the Chinese area.

Additionally, it intends to provide insightful information on the function of digital wallets inside the mobile payment system and their influence on China's socioeconomic environment. The research model was experimentally briefed using a questionnaire survey of 405 digital wallet-based users in China. Hedonic motivation and perceived risk, both of which were found to have an influence on the usage of digital wallets, were included to the study in this work. The Unified Theory of Acceptance and Use of Technology (UTAUT) paradigm served as a guide for the study, which was based on existing academic research. The main contributions of this research are to highlight the critical roles that perceived delight and perceived risk play in the adoption of digital wallet technology and to investigate how Chinese individuals perceive the use of digital wallets. The study surfaced the following influences performance expectation (H1), effort expectation (H2), social influence (H3), social impact (H4), facilitation conditions (H5), behavioural intention (H6), and perceived risk (H7).social influence (H3), social impact (H4), facilitation conditions (H5), behavioural intention (H6), hedonic motivation (H7), and perceived risk (H8 ). All have an impact on the use of digital wallets.