Purpose: The objective of this research was to explore critical determinants of mobile banking (M-banking) adoption for achieving financial inclusion in rural India. Design/Methodology/Approach : An integrated research model was assessed through a two-step CB-SEM to explore the key determinants of M-banking adoption. A total of 404 data samples were collected from Andhra Pradesh (130), Karnataka (140), and Telangana (134).

Findings: The results established a positive impact of usefulness, ease of use, self-efficacy, and social influence on M-banking adoption, and a negative impact of cost and risk on M-banking adoption. Self-efficacy had a positive impact on usefulness and ease of use; whereas, social influence had a negative impact on risk. Practical

Implications: The study contributed to technology and behavioral research. Furthermore, it provides a better understanding of key factors of M-banking adoption among rural populations.

Originality: This study used a unique research model that integrated the critical variables of TAM, UTAUT, DOI, and TPB. The research model explained 79.4% of the variation in m-banking adoption.

1. Abdennebi, H. B. (2023). M-banking adoption from the developing countries' perspective: A mediated model. Digital Business, 3(2), Article ID 100065. https://doi.org/10.1016/j.digbus.2023.100065
2. Adegbite, O. O., & Machethe, C. L. (2020). Bridging the financial inclusion gender gap in smallholder agriculture in Nigeria: An untapped potential for sustainable development.
3. World Development, 127, Article ID 104755. https://doi.org/10.1016/j.worlddev.2019.104755
4. Adjei, J. K., Odei-Appiah, S., & Tobbin, P. E. (2020). Explaining the determinants of continual use of mobile financial services. Digital Policy, Regulation and Governance, 22(1), 15–31. https://doi.org/10.1108/DPRG-09-2019-0074
5. Ajefu, J. B., Demir, A., & Haghpanahan, H. (2020). The impact of financial inclusion on mental health. SSM - Population Health, 11, Article ID 100630. https://doi.org/10.1016/j.ssmph.2020.100630
6. Ajide, F. M. (2020). Can financial inclusion reduce the presence of corruption? Evidence from selected countries in Africa. International Journal of Social Economics, 47(11), 1345–1362. https://doi.org/10.1108/IJSE-03-2020-0145
7. Akturan, U., & Tezcan, N. (2012). Mobile banking adoption of the youth market: Perceptions and intentions. Marketing Intelligence & Planning, 30(4), 444–459. https://doi.org/10.1108/02634501211231928
8. Alalwan, A. A., Dwivedi, Y. K., & Rana, N. P. (2017). Factors influencing adoption of mobile banking by Jordanian bank customers: Extending UTAUT2 with trust. International Journal of Information Management, 37(3), 99–110. https://doi.org/10.1016/j.ijinfomgt.2017.01.002
9. Aldammagh, Z., Abdaljawad, R., & Obaid, T. (2021). Predicting mobile banking adoption: An integration of TAM and TPB with trust and perceived risk. Financial Internet Quarterly, 17(1). https://doi.org/10.2478/fiqf-2021-0017
10. Ali, A. A., & Subramanian, R. (2024). Determinants of continuance intention to use mobile payments: A meta-analysis. Indian Journal of Marketing, 54(6), 29–46. https://doi.org/10.17010/ijom/2024/v54/i6/173945
11. Al-Jabri, I. M. (2015). The intention to use mobile banking: Further evidence from Saudi Arabia. South African Journal of Business Management, 46(1), Article no. a80. https://doi.org/10.4102/sajbm.v46i1.80
12. Almaiah, M. A., Al-Otaibi, S., Shishakly, R., Hassan, L., Lutfi, A., Alrawad, M., Qatawneh, M., & Alghanam, O. A. (2023). Investigating the role of perceived risk, perceived security and perceived trust on smart m-banking application using SEM. Sustainability, 15(13), Article ID 9908. https://doi.org/10.3390/su15139908
13. Bagozzi, R. P., & Yi, Y. (1988). On the evaluation of structural equation models. Journal of the Academy of Marketing Science 16(1), 74–94. https://doi.org/10.1007/BF02723327
14. Biswas, S., & Pamucar, D. (2023). A modified EDAS model for comparison of mobile wallet service providers in India. Financial Innovation, 9, Article no. 41. https://doi.org/10.1186/s40854-022-00443-5
15. Changchit, C., Klaus, T., Lonkani, R., & Sampet, J. (2020). A cultural comparative study of mobile banking adoption factors. Journal of Computer Information Systems, 60(5), 484–494. https://doi.org/10.1080/08874417.2018.1541724
16. Chawla, D., & Joshi, H. (2019). Consumer attitude and intention to adopt mobile wallet in India – An empirical study. International Journal of Bank Marketing, 37(7), 1590–1618. https://doi.org/10.1108/IJBM-09-2018-0256
17. Choudhury, R., & Gupta, S. (2025). Augmentation of financial inclusion: A structured review from the Indian perspective. Indian Journal of Finance, 19(5), 58–78. https://doi.org/10.17010//ijf/2025/v19i5/175044
18. Correa, T., Pavez, I., & Contreras, J. (2020). Digital inclusion through mobile phones?: A comparison between mobile-only and computer users in internet access, skills and use. Information, Communication & Society, 23(7), 1074–1091. https://doi.org/10.1080/1369118X.2018.1555270
19. Cudjoe, A. G., Anim, P. A., & Nyanyofio, J. G. (2015). Determinants of mobile banking adoption in the Ghanaian banking industry: A case of Access Bank Ghana Limited. Journal of Computer and Communications, 3(2), 1–19. https://doi.org/10.4236/jcc.2015.32001
20. Deb, M., & Agrawal, A. (2017). Factors impacting the adoption of m-banking: Understanding Brand India's potential for financial inclusion. Journal of Asia Business Studies, 11(1), 22–40. https://doi.org/10.1108/JABS-11-2015-0191
21. Dwivedi, R., Alrasheedi, M., Dwivedi, P., & Starešinić, B. (2022). Leveraging financial inclusion through technology-enabled services innovation: A case of economic development in India. International Journal of E-Services and Mobile Applications, 14(1), 1–13. https://doi.org/10.4018/IJESMA.289633
22. Erlando, A., Riyanto, F. D., & Masakazu, S. (2020). Financial inclusion, economic growth, and poverty alleviation: evidence from eastern Indonesia. Heliyon, 6(10), Article ID e05235. https://doi.org/10.1016/j.heliyon.2020.e05235
23. Farzin, M., Sadeghi, M., Kharkeshi, F. Y., Ruholahpur, H., & Fattahi, M. (2021). Extending UTAUT2 in M-banking adoption and actual use behavior: Does WOM communication matter? Asian Journal of Economics and Banking, 5(2), 136–157. https://doi.org/10.1108/AJEB-10-2020-0085
24. Foroughi, B., Iranmanesh, M., & Hyun, S. S. (2019). Understanding the determinants of mobile banking continuance usage intention. Journal of Enterprise Information Management, 32(6), 1015–1033. https://doi.org/10.1108/JEIM-10-2018-0237
25. Fouillet, C., Guérin, I., & Servet, J.-M. (2021). Demonetization and digitalization: The Indian government's hidden agenda. Telecommunications Policy, 45(2), Article ID 102079. https://doi.org/10.1016/j.telpol.2020.102079
26. Fowowe, B. (2020). The effects of financial inclusion on agricultural productivity in Nigeria. Journal of Economics and Development, 22(1), 61–79. https://doi.org/10.1108/JED-11-2019-0059
27. Ganesh, S. T. (2026). From access to agency: Financial inclusion as a catalyst for socioeconomic mobility in emerging markets. Journal of Informatics Education and Research, 6(1). https://doi.org/10.52783/jier.v6i1.4482
28. Gu, J.-C., Lee, S.-C., & Suh, Y.-H. (2009). Determinants of behavioral intention to mobile banking. Expert Systems with Applications, 36(9), 11605–11616. https://doi.org/10.1016/j.eswa.2009.03.024
29. Gupta, S., Yun, H., Xu, H., & Kim, H.-W. (2017). An exploratory study on mobile banking adoption in Indian metropolitan and urban areas: A scenario-based experiment. Information Technology for Development, 23(1), 127–152. https://doi.org/10.1080/02681102.2016.1233855
30. Guriting, P., & Oly Ndubisi, N. (2006). Borneo online banking: Evaluating customer perceptions and behavioural intention. Management Research News, 29(1–2), 6–15. https://doi.org/10.1108/01409170610645402
31. Hair, J. F., Black, W. C., Babin, B. J., & Anderson, R. E. (2014). Multivariate data analysis (7th ed.). Pearson Education Limited. https://www.scirp.org/reference/referencespapers?referenceid=2190475
32. Huang, R., Kale, S., Paramati, S. R., & Taghizadeh-Hesary, F. (2021). The nexus between financial inclusion and economic development: Comparison of old and new EU member countries. Economic Analysis and Policy, 69, 1–15. https://doi.org/10.1016/j.eap.2020.10.007
33. Ibor, B. (2024). Financial inclusion and financial literacy. In I. Miciuła (ed.), Financial literacy in today's global market. IntechOpen. https://doi.org/10.5772/intechopen.1003855
34. Jacob, R. C., Jacob, M. E., & Johnson, J. (2024). Understanding factors affecting UPI adoption among low-income consumers in India. Indian Journal of Finance, 18(7), 44–59. https://doi.org/10.17010/ijf/2024/v18i7/174032
35. Jain, P., & Agarwal, G. (2019). Factors affecting mobile banking adoption: An empirical study in Gwalior region. The International Journal of Digital Accounting Research, 19, 79–101. https://doi.org/10.4192/1577-8517-v19_4
36. Joshi, R., Mishra, S., Pardeshi, A., & Bhatia, M. K. (2024). Hyper-personalization in motor insurance: Understanding telematics insurance adoption using the extended technology acceptance model. Indian Journal of Marketing, 54(6), 47–64. https://doi.org/10.17010/ijom/2024/v54/i6/173946
37. Kapoor, S., & Mohandas, V. (2023). Measuring financial inclusion in India: An approach. Indian Journal of Finance, 17(1), 27–46. https://doi.org/10.17010/ijf/2023/v17i1/172601
38. Kaur, S., & Arora, S. (2021). Role of perceived risk in online banking and its impact on behavioral intention: Trust as a moderator. Journal of Asia Business Studies, 15(1), 1–30. https://doi.org/10.1108/JABS-08-2019-0252
39. Kesharwani, A., & Bisht, S. S. (2012). The impact of trust and perceived risk on internet banking adoption in India: An extension of technology acceptance model. International Journal of Bank Marketing, 30(4), 303–322. https://doi.org/10.1108/02652321211236923
40. Khan, H. (2012). Issues and challenges in financial inclusion: Policies, partnerships, processes and products. In the Symposium on “Financial Inclusion in Indian Economy” organized by the Indian Institute of Public Administration. Indian Institute of Public Administration. https://www.sciepub.com/reference/229032
41. Khuan, H. (2024). Financial inclusion and economic empowerment. Accounting Studies and Tax Journal, 1(2), 178–181. https://doi.org/10.62207/qh1pmg78
42. Kishore, S. V., & Sequeira, A. H. (2016). An empirical investigation on mobile banking service adoption in rural Karnataka. SAGE Open, 6(1). https://doi.org/10.1177/2158244016633731
43. Klapper, L., Singer, D., & Ansar, S. (2022). Global Findex Database 2021: India country brief. World Bank. https://thedocs.worldbank.org/en/doc/4c4fe6db0fd7a7521a70a39ac518d74b-0050062022/global-findex-2021-india-country-brief
44. Klapper, L., Singer, D., Starita, L., & Norris, A. (2025). The Global Findex Database 2025: Connectivity and financial inclusion in the digital economy. World Bank Group.
45. Kling, G., Pesqué-Cela, V., Tian, L., & Luo, D. (2022). A theory of financial inclusion and income inequality. The European Journal of Finance, 28(1), 137–157. https://doi.org/10.1080/1351847X.2020.1792960
46. Kumar, A., Dhingra, S., Batra, V., & Purohit, H. (2020). A framework of mobile banking adoption in India. Journal of Open Innovation: Technology, Market, and Complexity, 6(2), Article no. 40. https://doi.org/10.3390/joitmc6020040
47. Kwateng, K. O., Atiemo, K. A., & Appiah, C. (2019). Acceptance and use of mobile banking: An application of UTAUT2. Journal of Enterprise Information Management, 32(1), 118–151. https://doi.org/10.1108/JEIM-03-2018-0055
48. Lakshmi, M. A., & Saldanha, A. T. (2025). Factors influencing behavioral intentions of senior citizens in adopting mobile financial services. Indian Journal of Marketing, 55(5), 26–44. https://doi.org/10.17010/ijom/2025/v55/i5/175018
49. Maditinos, D., Chatzoudes, D., & Sarigiannidis, L. (2013). An examination of the critical factors affecting consumer acceptance of online banking: A focus on the dimensions of risk. Journal of Systems and Information Technology, 15(1), 97–116. https://doi.org/10.1108/13287261311322602
50. Maity, S., & Sahu, T. N. (2022). Financial inclusion in North-Eastern region: An investigation in the state of Assam. VILAKSHAN - XIMB Journal of Management, 19(2), 206–221. https://doi.org/10.1108/XJM-09-2020-0118
51. Makanyeza, C. (2017). Determinants of consumers' intention to adopt mobile banking services in Zimbabwe. International Journal of Bank Marketing, 35(6), 997–1017. https://doi.org/10.1108/IJBM-07-2016-0099
52. Malaquias, R. F., & Silva, A. F. (2020). Understanding the use of mobile banking in rural areas of Brazil. Technology in Society, 62, Article ID 101260. https://doi.org/10.1016/j.techsoc.2020.101260
53. Mensah, I. K., & Khan, M. K. (2024). Unified theory of acceptance and use of technology (UTAUT) model: Factors influencing mobile banking services' adoption in China. SAGE Open, 14(1). https://doi.org/10.1177/21582440241234230
54. Mini, M. R., & Sasankan, S. (2023). Unveiling the drivers of mobile payment adoption among rural women in Kerala. Commerce & Business Researcher, 16(1). https://doi.org/10.59640/cbr.v16i1.103-124
55. Mishra, D., Kandpal, V., Agarwal, N., & Srivastava, B. (2024). Financial inclusion and its ripple effects on socio-economic development: A comprehensive review. Journal of Risk and Financial Management, 17(3), Article 105. https://doi.org/10.3390/jrfm17030105
56. Mohapatra, A. K., Das, R. C., & Khilar, S. (2025). Financial inclusion and socio-economic development: The mediating role of social empowerment in rural Odisha of India. Indian Journal of Finance, 19(6), 29–45. https://doi.org/10.17010/ijf/2025/v19i6/175130
57. Mohapatra, M. R., Moirangthem, N. S., & Vishwakarma, P. (2020). Mobile banking adoption among rural consumers: Evidence from India. American Business Review, 23(2), 300–315. https://doi.org/10.37625/abr.23.2.300-315
58. Mouakket, S. (2020). Investigating the role of mobile payment quality characteristics in the United Arab Emirates: Implications for emerging economies. International Journal of Bank Marketing, 38(7), 1465–1490. https://doi.org/10.1108/IJBM-03-2020-0139
59. Nayak, N., Nath, V., & Goel, N. (2014). A study of adoption behaviour of mobile banking services by Indian consumers. International Journal of Research in Engineering & Technology, 2(3), 203–222. https://www.researchgate.net/publication/264558607
60. Ojah, K., & Kodongo, O. (2024). Effective financial inclusion and the need to put the horse before the cart: Saving! International Review of Financial Analysis, 96(Part B), Article ID 103737. https://doi.org/10.1016/j.irfa.2024.103737
61. Pahari, S., Manna, A., & Biswas, D. (2023). Pay with confidence: A thematic analysis of user intentions and perceptions on third-party and banking payment apps. Indian Journal of Finance, 17(5), 25–38. https://doi.org/10.17010/ijf/2023/v17i5/172735
62. Pahari, S., Polisetty, A., Sharma, S., Jha, R., & Chakraborty, D. (2023). Adoption of AI in the banking industry: A case study on Indian banks. Indian Journal of Marketing, 53(3), 26–41. https://doi.org/10.17010/ijom/2023/v53/i3/172654
63. Park, J., Ahn, J., Thavisay, T., & Ren, T. (2019). Examining the role of anxiety and social influence in multi-benefits of mobile payment service. Journal of Retailing and Consumer Services, 47, 140–149. https://doi.org/10.1016/j.jretconser.2018.11.015
64. Patil, P., Tamilmani, K., Rana, N. P., & Raghavan, V. (2020). Understanding consumer adoption of mobile payment in India: Extending meta-UTAUT model with personal innovativeness, anxiety, trust, and grievance redressal. International Journal of Information Management, 54, Article ID 102144. https://doi.org/10.1016/j.ijinfomgt.2020.102144
65. Podsakoff, P. M., MacKenzie, S. B., Lee, J.-Y., & Podsakoff, N. P. (2003). Common method biases in behavioral research: A critical review of the literature and recommended remedies. Journal of Applied Psychology, 88(5), 879–903. https://doi.org/10.1037/0021-9010.88.5.879
66. Press Information Bureau. (2025). 67 and rising: India's financial inclusion gains momentum. RBI.
67. Raman, P., & Aashish, K. (2023). Influence of COVID-19 pandemic on the intention to adopt mobile payment systems in India. Qualitative Market Research: An International Journal, 26(4), 368–394. https://doi.org/10.1108/QMR-01-2022-0008
68. Reshma, K., & Kanniammal, K. (2025). Multidimensional financial inclusion index for the scheduled tribes of Kerala. Indian Journal of Finance, 19(4), 8–23. https://doi.org/10.17010/ijf/2025/v19i4/174946
69. Sardana, V., Mohapatra, A. K., Singhania, S., & Chakrabarti, D. (2024). Changing dynamics of banking landscape: What do we know and what lies ahead? Prabandhan: Indian Journal of Management, 17(1), 8–23. https://doi.org/10.17010/pijom/2024/v17i1/173288
70. Schuetz, S., & Venkatesh, V. (2020). Blockchain, adoption, and financial inclusion in India: Research opportunities. International Journal of Information Management, 52, Article ID 101936. https://doi.org/10.1016/j.ijinfomgt.2019.04.009
71. Sharma, S., Sharma, R., Kayal, G., & Kaur, J. (2022). Digital banking: A meta-analysis approach. Indian Journal of Marketing, 52(5), 41–68. https://doi.org/10.17010/ijom/2022/v52/i5/169416
72. Siddiqui, T. A., Ali, M. S., Sunayana, Alam, N., & Ranjan, P. (2025). Understanding financial inclusion through social and behavioural lenses. Prabandhan: Indian Journal of Management, 18(4), 52–71. https://doi.org/10.17010/pijom/2025/v18i4/174316
73. Sideridis, G., & Alghamdi, M. (2025). Corrected goodness-of-fit index in latent variable modeling using non-parametric bootstrapping. Frontiers in Psychology, 16, Article ID 1562305. https://doi.org/10.3389/fpsyg.2025.1562305
74. Sobti, N. (2019). Impact of demonetization on diffusion of mobile payment service in India: Antecedents of behavioral intention and adoption using extended UTAUT model. Journal of Advances in Management Research, 16(4), 472–497. https://doi.org/10.1108/JAMR-09-2018-0086
75. Van, H. N., Pham, L., Williamson, S., Hương, V. T., Hoa, P. X., & Trang, P. L. (2020). Impact of perceived risk on mobile banking usage intentions: Trust as a mediator and a moderator. International Journal of Business and Emerging Markets, 12(1), 94–118. https://doi.org/10.1504/ijbem.2020.10027345
76. Verma, S., Chaurasia, S. S., & Bhattacharyya, S. S. (2020). The effect of government regulations on continuance intention of in-store proximity mobile payment services. International Journal of Bank Marketing, 38(1), 34–62. https://doi.org/10.1108/IJBM-10-2018-0279
77. Yan, C., Siddik, A. B., Akter, N., & Dong, Q. (2023). Factors influencing the adoption intention of using mobile financial service during the COVID-19 pandemic: The role of FinTech. Environmental Science and Pollution Research, 30, 61271–61289. https://doi.org/10.1007/s11356-021-17437-y
78. Yoshino, N., & Morgan, P. (2016). Overview of financial inclusion, regulation, and education. SSRN. https://doi.org/10.2139/ssrn.2838114
79. Zhang, D., Zhang, H., & Morgan, P. (2025). Financial deepening, financial inclusion, and agricultural investment: Evidence from international panel data. SSRN. https://doi.org/10.2139/ssrn.5288758