Understanding Attitude Towards Central Bank Digital Currency for Inducing Financial Inclusion: A Constructivist Analysis of Attitude Formation and Adoption Framework

Purpose: The world economy is undergoing digital innovation in the field of finance and thereby creating a centralized currency. This study is based on expert interviews that explores the formation of attitudes towards Central Bank Digital Currencies (CBDCs) in India, addressing factors contributing to payment system transition and potential financial inclusion enhancement. This study adapts Extended Attitude Formation theory as its underpinning. It aims to understand the equivalence between existing payment systems and CBDCs by comparing the benefits, concerns, and limitations of both.

Methodology: This study employed a constructivist grounded theory approach and conducted 13 semi-structured interviews with experts from the banking sector, academia, and financial technology sectors. This study conducted a Reflexive Thematic Analysis, integrating both deductive and inductive coding techniques to develop a comprehensive analytical framework.

Findings: The analysis revealed four major themes: Technology Infrastructure and Security, User Experience and Adoption, Financial Inclusion & Accessibility, and Implementation and Integration. Key theoretical constructs emerged, including Trust Evolution Theory, Cultural Transformation Theory, and Implementation Strategy Theory.

Originality: This study provides a comprehensive qualitative exploration of CBDC attitude formation in the Indian context, offering a unique perspective on how existing digital payment experiences, cultural factors, and institutional trust intersect to shape users' perceptions of digital currencies.