In recent times, the growth of e-commerce has led to an important shift to online transactions, decreasing the need for cash-based payments. This has led to the rise of mobile payments, which have gained a lot of acceptance. However, the growth in mobile payments has revealed problems with security and usability for specific platforms. In the end, trust has been eroded, and customers are taking an interest in Central Bank Digital Currencies (CBDC) that are being endorsed by the national governments.

CBDC differs from cryptocurrencies in that they are digital types of currency that have been regulated and approved by the government, and have legal as a tender currency. Based on the “2022 China Digital Currency Development Research Report” published by iiMedia Research, nearly 50 percent of respondents believe that digital currencies will see an increase in their value over the next few years. In addition, 44.5% of respondents believe that the Digital Yuan will eventually replace cash and mobile payments. Evidently, the user’s attitudes and expectations about payment methods are changing as technology advances.

In 2022 in 2022, The Bank for International Settlements (BIS) conducted a survey of 81 central banks regarding their involvement in the digital fiat currency. The findings showed that nearly 25% of these banks were in the process of developing or conducting pilot tests of CBDC highlighting the increasing range of payment technology that digital payments offer. The China’s Digital Currency Electronic Payment (DCEP) project is being one of the largest, most innovative and intriguing projects in this area that could be a model that other banks can follow.

This change in China’s currency landscape could result in more competition for dominance. Other countries could begin to experiment using their own currencies that are digital, like the digital euro or Swedish Krona. The same trend has been seen in more developed nations like Sweden and Canada. Central banks are currently assessing alternatives to digital currency in order to be prepared for a possible decrease of cash-based transactions.

To increase the acceptance of CBDC, advancements in contactless and electronic payment technology are crucial. Improved usability is a key element in the facilitation of digital peer-to-peer transactions, providing a smooth, quick, easy, and enjoyable procedure for users and, in the end, increasing the overall experience. As nations seek to stand out in the market and increase their awareness of the connection between user experience and the success of promotion of innovative technologies.

ISO 9241-210 defines user experience as:

“An individual’s perceptions and responses that result from the use and/or anticipated use of a system, product, or service.”

User experience is a reflection of the personal experiences associated with the usage of the product.

User experience, which is deeply grounded in psychology, plays a significant role in the field of human-computer interaction research. It concentrates on the emotional components of user-system interaction. It affects the way they behave and their beliefs. Therefore, understanding the psychology of users and their emotions in interactions is crucial. Human and other behavior is frequently influenced by unknowable variables (Ma and co. 2023). Intentions and attitudes greatly affect the perception of users and are dependent on their experiences. They are influenced by the system’s functionality and the perceptions of users. Examining user attitudes and intentions when they interact with the system is essential to evaluate the experience of users.

Within the framework of CBDC the majority of researchers employ to use the Technology Acceptance Model (TAM) as well as the Unified Theory of Acceptance and Use of Technology (UTAUT) as frameworks. The ease of use, speed, and cost of transactions are crucial considerations for customers who are considering mobile payment. The COVID-19 virus has further increased the use of the digital Renminbi (RMB) and Chinese users showing an intense curiosity. Although the rate of adoption for CBDC is slower than platforms like WeChat Pay and Alipay, China’s CBDC has nabbed 2.61 million users registered. There are still a few questions about the advancements in technology and user experience that are related to CBDC.

As the world moves into the new era of currency, central banks are shifting towards digital currency, which is transforming the landscape of finance. In this fast-changing environment, knowing the psychology of users and their behavior is essential. Researchers seek to investigate Chinese consumers’ perception of CBDC and to address their concerns about this revolutionary technology.

Our contributions are in the following manner:

*We propose using the traditional models UTAUT and TAM to determine the attitudes and intentions of users of digital currencies and then analyze their experiences.

*By analyzing the feedback received from questionnaires, We evaluate the validity of the model by using an approach called the Structural Equation Modeling (SEM) method and eliminate any unsubstantiated theories.

*We use neural network models for secondary non-linear learning using the results of an SEM analysis, and further verifying the characteristics of the user’s behavior.

Section Snippets

Theoretical background

Central banks around the world are looking into CBDC as well as being led by the People’s Bank of China (PBOC) the leader in CBDC research. Based on Technology Acceptance and Adoption Theory and extensive research on mobile payments, We chose the top TAM as well as UTAUT model as the foundation for our model.

Hypotheses

User experience (UX) has a significant impact on the willingness of users to utilize technology. Technology or a product that is simple to use and secure could create an emotional response to users, which can encourage them to take on the service. This research will explore the factors that improve the user experience for digital currencies.

Research design

To test the method to test the proposed method, we conducted an experiment using 442 participants who evaluated the mobile application for CBDC. CBDC (Fig. 2). Evaluations of questionnaires were collected from every user, and analysis of the data was performed by using SEM. After that, the data were analysed using an artificial neural networks (ANN) to get the final results that influenced the user experience when using digital currency. The study included mobile payment services from a variety of industries as well as

Descriptive analysis of data on demographics using statistics

Within the survey of the survey, among the participants, there were 209 males as well as the females comprised 233. The biggest age range was 18 to 25. The next largest age group was between the ages of 41 and 50. Most had a college education, as well as students from high schools making up the second largest group. The most knowledgeable respondents earned an annual income less than 30,000 yuan however, a large portion of them were within the range of 30,000 – 250,000 dollars.