Factors Affecting the Acceptance of CBDCs in the Tourism Industry: A Structural Equation Modeling Approach

Abstract

The primary objective of this research is to investigate the adoption process of Central Bank Digital Currency (CBDC) payments within the context of the hospitality and tourism industry. The study utilizes conceptual frameworks to delineate a comprehensive model of innovation adoption, comprising five distinct stages: Awareness, Interest, Evaluation, Trial, and Adoption. Empirical research is conducted through a quantitative methodology, with the collection of data facilitated by electronic questionnaires administered to a sample of 624 foreign tourists visiting Thailand who have utilized CBDC for their financial transactions. The analysis of this dataset is conducted using GSCA Pro 1.1.8, employing structural equation model analysis techniques. The findings of this study reveal a significant association between the adoption of CBDC as a payment gateway and the stages of the adoption process. Notably, the Interest stage emerges as having a more pronounced influence on the overall adoption process. The implications of these results are both theoretical and managerial in nature, with the research offering insights into strategies for planning and promoting the adoption of CBDC among consumers. In conclusion, this research contributes to our understanding of the dynamics of CBDC adoption within the hospitality and tourism sector. The study underscores the pivotal role of the Interest stage in shaping the adoption process, thereby providing valuable guidance for stakeholders in devising effective strategies for CBDC adoption.