Mobile Payment and Digital Financial Inclusion: A Study in Jordanian Banking Sector Using Unified Theory of Acceptance and Use of Technology

In recent times, the concept of financial inclusion within the digital landscape has garnered significant attention, especially in developing economies. This surge in interest is closely aligned with the increased accessibility and availability of information technology, which has facilitated easier access to banking services. Traditional brick-and-mortar banks have been progressively replaced by virtual banking via mobile devices. The prevalence of mobile banking and smartphone-based payments has witnessed substantial growth. Against this backdrop, this paper endeavors to investigate the pivotal role played by mobile payment in advancing digital financial inclusion. The study harnessed the strengths of a cross-sectional research design, employing a quantitative questionnaire distributed to 239 customers actively using Jordanian banking applications. The research findings underscore the significant and affirmative impact of mobile payment dimensions, particularly those derived from the UTAUT framework, with social influence emerging as the dimension with the most substantial effect size on digital financial inclusion. Considering these findings, the paper offers a set of recommendations, prominently advocating for policymakers to bolster regulatory frameworks that foster creativity, financial literacy, and educational initiatives seamlessly integrated into mobile payment platforms, thereby enhancing users’ knowledge and their ability to make sound financial decisions.