Drivers of digital currency adoption and their configurational impact assessment in tourism and hospitality: loss aversion under prospect theory

With accelerated digitalisation in all business sectors, digital currencies (DC) are increasingly popular. This study aimed to identify the effects of central bank digital currency (CBDC) innovation characteristics and perceived risks on CBDC adoption intention in the tourism and hospitality field. This study devised a research model incorporating research hypotheses addressing CBDC customers’ perceptions of CBDC's innovative technology and risks. To test the hypotheses, data were obtained from the USA, Korea, and China. CBDC's innovation characteristics and perceived risks affected the adoption of CBDC for transactions during travel. The results have academic and practical value because they aid understanding of customers’ reactions to the new transaction system and establish proactive marketing strategies such as promotional message development to reduce perceived risks in lieu of strengthening innovative characteristics.