Name: B Geethpriya & Gurucharan S
Country: India

Year: 2026
Volume: Volume No: 13, Issue No: 1, Year: 2026
Page Number: 297-301
DOI: https://doi.org/10.5281/zenodo.19692678

ABSTRACT
Digital currencies have emerged as a transformative force in India's financial system. From early digital payment systems such as NEFT and RTGS to modern innovations including the Unified Payments Interface (UPI) and the Reserve Bank of India's Central Bank Digital Currency (CBDC) the Digital Rupee India has achieved remarkable progress in digitizing its monetary ecosystem. The convergence of rising smartphone penetration, government-led initiatives (Digital India, Jan Dhan Yojana), and the disruptions caused by the COVID-19 pandemic has accelerated mass adoption of digital payment platforms. Nevertheless, regulatory uncertainty, inadequate infrastructure in rural regions, cybersecurity threats, and limited financial literacy continue to impede universal access. This study investigates the evolution of digital currency in India, measures the current levels of consumer adoption, and identifies key barriers that hinder widespread use. Using a descriptive research design with a convenience sample of 150 respondents, primary data were collected through structured questionnaires. Descriptive statistics, percentage analysis, and one-way Analysis of Variance
(ANOVA) were applied to test significant differences in digital currency adoption across
demographic groups. The findings indicate that UPI dominates the digital payment landscape (83.3%), Google Pay is the most-used application (76%), and ease-of-use and security are the primary motivators of sustained adoption. ANOVA results reveal statistically significant differences in adoption frequency across age groups (F = 12.47, p < .001) and occupation categories (F = 9.83, p < .001), but not across gender (F = 1.21, p = .274). The study concludes with policy recommendations for policymakers, financial regulators, and fintech stakeholders to build a resilient, inclusive, and secure digital currency ecosystem in India.

Keywords: Digital currency, UPI, CBDC, Digital Rupee, fintech, financial inclusion,
cryptocurrency, India, demonetization, ANOVA