Name: K. M. Reddy & Rina Angel
Country: India

Year: 2025
Volume: Volume-12, Issue-1 (Jan-June)
Page Number: 220-235
DOI: https://doi.org/10.5281/zenodo.18654791

ABSTRACT
Digital Financial Inclusion continues to be recognized as an increasing priority in developing economies, yet simply having access to a digital financial infrastructure doesn’t mean it will lead to being utilized. To fill this gap, this current research looks into the psychological factors behind Digital Financial Inclusion (DFI) through the Technology Acceptance Model (TAM) and Theory of Planned Behaviour (TPB), with the added construct of Digital Financial Behavioural Intention (DFBI). Using survey data from 450 individuals in rural and semi-urban areas of India, this study uses two stages of Structural Equation Modelling (SEM) which comprises Exploratory Factor Analysis (EFA), Confirmatory Factor Analysis (CFA) and Path Analysis. The findings demonstrated that DFBI is significantly shaped by, perceived usefulness (PU), perceived ease of use (PEOU), attitude, subjective norm, and perceived behavioural control, and continues to be a very strong predictor of DFI. Many of the previous antecedents objectified weak and/or insignificant direct and indirect effects on DFI through the mediation of DFBI; however all of these notions indicate the importance of Behavourial Intention as a key factor in converting digital access to financial engagement. The findings provide theoretic contribution through validating an integrated TAM-TPB framework within
the developing economic context and provide clear actionable insights to policymakers and fintech stakeholders to encourage more inclusive Digital Financial Adoption.

Keywords: Digital financial inclusion, Technology Acceptance Model, Theory of Planned
Behavior, behavioral intention, SEM, India