User Perception of Digital Money Solutions - Impact of the Complementary Usage to Fiat Currencies on Prospective Use Behavior

Abstract

Since the monetary world and its currencies are changing in the age of digitization, so do costumers. With various possibilities to pay and store value, users have many opportunities when it comes to Money Solutions. This study aims to question the drivers of prospective usage behavior in the field of Digital Money Solutions by modelling a benefit and risk framework for technology acceptance. Thus, we investigate the determinants driving the future usage intention of Digital Money Solutions. It is based on the Unified theory of acceptance and use of technology and on the framework of benefit and risk. Furthermore, we categorize users of the technology of digital money solutions into groups to find out whether the parallel usage of fiat currencies and cryptocurrencies has an impact on the future usage intention. With the aim to find evidence on the drivers of usage behaviour of digital money users we conduct a structural model. We aim to find evidence on the competitive advantages of digital money and fiat currency, parallel in circulation. Thus, we find that the perception of benefit has a significantly positive influence on the future usage intention of digital money solutions, yet even stronger for the complimentary usage to fiat currencies. Thus, we contribute to the existing literature of behavioural intention and coexistence theory and deduce a future research agenda.

Keywords: cryptocurrency, usage intention, theory of reasoned action, unified theory of acceptance and use of technology 2, perceived benefit, perceived risk, parallel currencies, structural equation modelling

JEL Classification: E42, G23, M13