<p>This paper explores the relationship between internet finance and economic growth. We also construct the internet finance index using four categories and 11 keywords. By employing data from 34 countries from 1996 to 2019, the empirical results indicate that there is a negative effect of internet finance on the country’s economic growth, which was driven by online banking and payment activities. The results suggest that shifting from conventional to online transactions would not involve capital mobilization; instead, it would attract more customers by providing an efficient and safe platform for online transactions. This situation is a point of departure for the enhancement and deepening of internet finance by building customer confidence in financial innovations, stimulating online financing and investment activities, capital mobilization, and thus enhancing economic growth.</p>