Faktor yang Memengaruhi Niat Masyarakat Indonesia dalam Mengadopsi Rupiah Digital dengan Financial Literacy Sebagai Pemoderasi

Verena Gyuneth Hayomi Pitaloka, Bowo Setiyono, S.E., M.Com., Ph.D.

2025 | Tesis | S2 Manajemen

Kemajuan teknologi memacu transformasi sektor keuangan, mempercepat inovasi produk, dan memperluas peluang penciptaan nilai. Lanskap ini menempatkan Central Bank Digital Currency (CBDC) yang akan diterbitkan oleh Bank Indonesia menjadi objek strategis untuk dikaji dari sisi perilaku adopsi. Penelitian ini mengkaji determinan niat adopsi rupiah digital menggunakan kerangka Unified Theory of Acceptance and Use of Technology (UTAUT). Financial literacy diposisikan sebagai pemoderasi hubungan antara konstruk UTAUT dan niat adopsi rupiah digital. 

Pendekatan kuantitatif diterapkan dengan metode purposive sampling. Data primer diperoleh melalui pengisian kuesioner. Jumlah responden penelitian sebanyak 404 responden. Metode uji hipotesis yang digunakan adalah Partial Least Square – Structural Equation Modelling (PLS-SEM). Proses olah data dilaksanakan dengan perangkat lunak SmartPLS versi 4.0.9.9.

Hasil penelitian ini menunjukkan bahwa effort expectancy, performance expectancy dan social influence berpengaruh positif signifikan terhadap niat adopsi rupiah digital. Financial literacy tidak dapat memoderasi pengaruh effort expectancy terhadap niat adopsi rupiah digital. Financial literacy memperkuat pengaruh performance expectancy terhadap niat adopsi rupiah digital. Financial literacy memperlemah pengaruh social influence terhadap niat adopsi rupiah digital. Temuan menyediakan landasan analitis bagi Bank Indonesia dalam merumuskan rencana aksi yang memperkuat effort expectancy, performance expectancy dan social influence guna mendorong niat adopsi rupiah digital

Technological advances are transforming the financial sector, accelerating product innovation, and expanding opportunities for value creation. Within this landscape, rupiah digital as the Central Bank Digital Currency (CBDC) to be issued by Bank Indonesia constitutes a strategic object of inquiry from the standpoint of user adoption. The purpose of this study is to examine the determinants of the intention to adopt Rupiah Digital using the Unified Theory of Acceptance and Use of Technology (UTAUT). This study also specifies financial literacy as a moderator of the relationships between UTAUT constructs and adoption intention.

This study implements a quantitative design with purposive sampling. Primary data were collected through a questionnaire from 404 respondents. Hypotheses were tested using Partial Least Squares Structural Equation Modeling (PLS-SEM) and data were analyzed with SmartPLS version 4.0.9.9.

The results suggest that effort expectancy, performance expectancy, and social influence exert positive and significant effects on the intention to adopt Rupiah Digital. Financial literacy does not moderate the effect of effort expectancy on intention, strengthens the effect of performance expectancy, and weakens the effect of social influence. This study contributes to the CBDC adoption literature by modeling financial literacy as a moderator within UTAUT and by providing policy-relevant evidence for an emerging market context. The findings offer an analytical basis for Bank Indonesia to design action plans that reinforce effort expectancy, performance expectancy, and social influence in order to encourage adoption.

Kata Kunci : CBDC, UTAUT, rupiah digital, financial literacy