Cryptocurrencies have emerged as a major technological innovation in the past decade (Naeem & Ozuem, 2021). At one point of time bitcoin alone had a market cap of more than one trillion USD surpassing the size of many countries’ economies (Jingar et al., 2022). Apart from bitcoin, there are numerous other cryptocurrencies with market caps in billions of USD. This highlights the economic importance of these cryptocurrencies and their fast adoption among users around the world. The sheer growth of the cryptocurrencies and the immense potential of the underlying blockchain technology, motivated this review on identifying and understanding the consumer behavior intention for adoption of this disruptive technology (Kumar, 2021; Kumar et al., 2022).

The emergence of cryptocurrencies based on blockchain technology has attempted to address many drawbacks of online transactions being faced by consumers such as additional transactional costs, lack of privacy, dependence on financial institutions for approval of transactions and information leakage (Thukral, 2021). Every year billions of transactions are done with the help of credit cards, internet banking and other online payments systems. Transactions worth $3.4 trillion dollars were done through digital modes in 2020 (Jingar et al., 2022). Cryptocurrencies have potential to revolutionize the way we transact. Understanding the consumer behavioral intention for adoption of cryptocurrencies will not only help in accelerating the digitization of the financial sector but also reaching the last mile across the globe on the back of innovative solutions. Cryptocurrencies can drastically reduce the time and cost of transactions across different jurisdictions. These cryptocurrencies are end to end encrypted which ensures more privacy and reduced transaction fees (Jingar et al., 2022).