“Mobile Banking Adoption and Financial Inclusion at the Bottom of the Pyramid: A Theoretical Framework integrating Accounting Accountability, Regulatory, Ethical, and Behavioral Perspectives”
Article Sidebar
Main Article Content
Abstract
Mobile banking has become an essential tool to enhance access to financial services, particularly for those who lack traditional banking options. The data was collected from 108 street vendors from selected regions of Northern India, using a snow ball sampling method. This study creates a framework that combines user behavior, regulatory factors, and ethical considerations to understand how mobile banking encourages responsible financial practices. The research expands on existing models to highlight mobile banking's role in fostering ethical and transparent financial actions, beyond just being a tech innovation. The current study strengthens the understanding of how inclusion supported by digital technology can strengthen the ethics, accountability and integrity in financial reporting and governance systems through integration of digital adoption with accounting theory. The model prioritizes theoretical framework integration over empirical applicability, providing a framework for upcoming research on the behavioral and ethical foundations of accounting in the domain of digital finance.
Article Details
Section
This work is licensed under a Creative Commons Attribution 4.0 International License.
How to Cite
References
1. Adams, T. L. (2020). ‘This happens all the time’: Organizations, rationalization and ethical dilemmas in engineering. Work, Employment and Society, 34(6), 985-1003.
2. Adewale, T. T., Olorunyomi, T. D., & Odonkor, T. N. (2022). Blockchain-enhanced financial transparency: A conceptual approach to reporting and compliance. International Journal of Frontiers in Science and Technology Research, 2(1), 024-045.
3. 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.
4. Arner, D. W., Barberis, J., & Buckey, R. P. (2016). FinTech, RegTech, and the reconceptualization of financial regulation. Nw. J. Int'l L. & Bus., 37, 371.
5. Bikhchandani, S., Hirshleifer, D. and Welch, I. (1998). Learning from the behavior of others: Conformity, fads, and informational cascades. Journal of Economic Perspectives, 12, 151-170.
6. Bovens, M. (2006). Analysing and assessing public accountability. A conceptual framework. European Governance Papers (EUROGOV) No. No. C-06, 12006.
7. Chatterjee, M. T. S., & Kumar, R. (2025). Impact of COVID-19 on User Awareness and Adoption of Mobile Banking Services.
8. Chen, J., Elliott, K., Knottenbelt, W., van Moorsel, A., Orpin, H., Robertson, S., ... & Wolter, K. (2024). UKFin+: A Research Agenda for Financial Services. arXiv preprint arXiv:2411.13389.
9. Compeau, D. R., & Higgins, C. A. (1995). Computer self-efficacy: Development of a measure and initial test. MIS quarterly, 189-211.
10. Craney, T. A., & Surles, J. G. (2002). Model-dependent variance inflation factor cutoff values.
11. Quality engineering, 14(3), 391-403.
12. Dabour, I. (2023). RegTech and Accounting of Financial Institutions Under Financial Inclusion: Conceptual Framework Analysis. International Journal of Accounting and Financial Reporting, 13(3).
13. Davis, F.D. 1993. User acceptance of information technology: system characteristics, user perceptions and behavioral impacts. International journal of man-machine studies 38(3):475-487. doi: 10.1006/imms.1993.1022.
14. Davis, F.D. 1989. Perceived usefulness, perceived ease of use, and user acceptance of information technology. MIS quarterly 13(3): 319-340. doi:10.2307/249008.
15. Demirgüç-Kunt, A., Klapper, L., Singer, D., & Ansar, S. (2022). The Global Findex Database 2021: Financial inclusion, digital payments, and resilience in the age of COVID-19. World Bank Publications. Retrieved from RBI data on October 15, 2025 from https://dnb.com.eg/the-role-of- know-your-customer-in-financial-compliance/
16. DiMaggio, P. J., & Powell, W. W. (1983). The iron cage revisited: Institutional isomorphism and collective rationality in organizational fields. American Sociological Review, 48(2), 147–160.
17. Donovan, P. (2024). The random filter identification strategy. Working paper (forthcoming). https://piercedonovan. github. io/files/research/donovan_random_filter. pdf.
18. Dwivedi, Y. K., Rana, N. P., Jeyaraj, A., Clement, M., & Williams, M. D. (2019). Re-examining the
19. unified theory of acceptance and use of technology (UTAUT): Towards a revised theoretical model.
20. Information systems frontiers, 21(3), 719-734.
21. Fornell, C., and D. F. Larcker. 1981. Evaluating structural equation models with unobservable variables and measurement error. Journal of marketing research 18(1):39-50. doi: 10.1177/002224378101800104.
22. Giao, H. N. K., Vuong, B. N., Duy Tung, D., & Quan, T. N. (2020). A model of factors influencing behavioral intention to use internet banking and the moderating role of anxiety: Evidence from Vietnam. WSEAS Transactions on Business and Economics, 17, 551-561.
23. Hair, J. F., R. E. Anderson, R. L. Tatham, and W.C. Black. 1995. Multivariate data analysis with readings. 3rd ed. United States: Prentice Hall.
24. Henseler, J., Ringle, C. M., & Sarstedt, M. (2015). A new criterion for assessing discriminant validity in variance-based structural equation modeling. Journal of the academy of marketing science, 43(1), 115-135.
25. Hocking, R. R., and O. J. Pendleton. 1983. The regression dilemma. Communications in Statistics- Theory and Methods 12(5):497-527. doi: 10.1080/03610928308828477
26. Horonga, R. F. (2024). Unlocking public and private finance for financial inclusion for individuals at the bottom of the pyramid in Mbare, Zimbabwe.
27. Ideas for India, 2022. Retrieved from https://www.ideasforindia.in/topics/money-finance/barriers- to- basic-banking-in-india.html?
28. Ingale, A. (2024). Financial Inclusion Through Mobile Banking In Emerging Economies
29. Jena, R. K. (2025). Factors influencing the adoption of fintech for the enhancement of financial inclusion in rural india using a mixed methods approach. Journal of Risk and Financial Management, 18(3), 150.
30. Jeyasingh, B. B. F. (2023). Impact of RegTech on compliance risk due to financial misconduct in the United States banking industry. Digital Economy and Sustainable Development, 1(1), 24.
31. Karjaluoto, H., M. Mattila, and T. Pento. 2002. Factors underlying attitude formation towards online banking in Finland. International journal of bank marketing 20(6): 261-272. doi: 10.1108/02652320210446724.
32. Kennedy, P. 2008. A guide to econometrics. 6th ed. United Kingdom: Wiley-Blackwell.
33. Khan, S. U. (2025). Mobile Money and Financial Inclusion: International Evidence from Informal Sector Enterprises in Asia and Africa. Available at SSRN 5239440.
34. Kharif, O. 2020. Contactless Payments Skyrocket Because No One Wants to Handle Cash. Bloomberg, 16 April. Accessed June 5, 2021. https://www.bloombergquint.com/onweb/no-touch- payments-skyrocket-because-no-one-wants-to-handle-cash.
35. Khera, P., Ogawa, M. S., & Sahay, M. R. (2021). Is digital financial inclusion unlocking growth?. International Monetary Fund.
36. Kim, R. Y. 2020. The impact of COVID-19 on consumers: Preparing for digital sales. IEEE Engineering Management Review 48(3):212-218. doi: 10.1109/EMR.2020.2990115.
37. Koivumäki, T., A. Ristola, and M. Kesti. 2008. The perceptions towards mobile services: an empirical analysis of the role of use facilitators. Personal and Ubiquitous Computing 12(1):67-75. doi: 10.1007/s00779-006-0128-x.
38. Kumar, I. (2024). Banking services and financial inclusion in India’s poorest regions. Journal of Banking Regulation, 25(2), 145-159.
39. Laforet, S., and X. Li. 2005. Consumers’ attitudes towards online and mobile banking in China.
40. International journal of bank marketing 23(5):362-380. doi: 10.1108/02652320510629250
41. Liébana-Cabanillas, F., Muñoz-Leiva, F., & Sánchez-Fernández, J. (2018). A global approach to the analysis of user behavior in mobile payment systems in the new electronic environment. Service Business, 12(1), 25-64.
42. Loh, X. M., V. H. Lee, G. W. H. Tan, K. B. Ooi, and Y. K. Dwivedi. 2020. Switching from cash to mobile payment: what's the hold-up? Internet Research 31(1):376-399. doi: 10.1108/INTR-04- 2020- 0175.
43. Lu, J., Wang, B., Dou, X., Yu, Y., Zhang, Y., Ji, H., ... & Zhou, L. (2023). Moderating effects of perceived social support on self-efficacy and psychological well-being of Chinese nurses: a cross- sectional study. Frontiers in Public Health, 11, 1207723.
44. Maital, S., and E. Barzani. 2020. The global economic impact of COVID-19: A summary of research.
45. Samuel Neaman Institute for National Policy Research: 1-12.
46. Marinkovic, V., and Z. Kalinic. 2017. Antecedents of customer satisfaction in mobile commerce: Exploring the moderating effect of customization. Online Information Review 41(2):138-154. doi: 10.1108/OIR-11-2015-0364.
47. Marquaridt, D. W. 1970. Generalized inverses, ridge regression, biased linear estimation, and nonlinear estimation. Technometrics 12(3):591-612. doi: 10.1080/00401706.1970.10488699.
48. Martins, C., T. Oliveira, and A. Popovič. 2014. Understanding the Internet banking adoption: A unified theory of acceptance and use of technology and perceived risk application. International journal of information management 34(1):1-13. doi: 10.1016/j.ijinfomgt.2013.06.0.
49. 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), 21582440241234230.
50. Muñoz‐Leiva, F., J. Hernández‐Méndez, and J. Sánchez‐Fernández. 2012. Generalising user behaviour in online travel sites through the Travel 2.0 website acceptance model. Online Information Review 36(6):879-902. doi: 10.1108/14684521211287945.
51. Ngai, E. W., J. K. L. Poon, and Y. H. Chan. 2007. Empirical examination of the adoption of WebCT using TAM. Computers & education 48(2):250-267. doi:10.1016/j.compedu.2004.11.007.
52. Nunnally, J. C. 1978. Psychometric Theory. 2nd ed. New York, United States: McGraw-Hill.
53. Olaoye, O. O., Shaddady, A., & Tabash, M. I. (2025). Does FinTech enhance the effectiveness of financial inclusion to reduce income inequality? Evidence from Sub-Saharan Africa. International Journal of Emerging Markets.
54. Ozili, P. K. (2020). Contesting digital finance for the poor. Digital Policy, Regulation and Governance, 22(2), 135-151.
55. Pandey, G., P. Chaudhary, R. Gupta, and S. Pal. 2020. SEIR and Regression Model based COVID- 19 outbreak predictions in India. arXiv preprint arXiv:2004.00958.
56. Parker, C., Scott, S., & Geddes, A. (2019). Snowball sampling. SAGE research methods foundations.
57. Penser Consulting. 2020. Digital banking services in India. June 20. Accessed August 1, 2020.https://www.penser.co.uk/article/challenging-the-challengers-the-second-wave-of-digital- challenger-banks/.
58. Pijpers, G. G., T. M. Bemelmans, F. J. Heemstra, and K. A. van Montfort. 2001. Senior executives' use of information technology. Information and software Technology 43(15):959-971.doi: 10.1016/S0950-5849(01)00197-5.
59. Polatoglu, V. N., and S. Ekin. 2001. An empirical investigation of the Turkish consumers’ acceptance of Internet banking services. International journal of bank marketing 19(4):156- 165.doi:10.1108/02652320110392527.
60. Pramani, R., & Iyer, S. V. (2022). Adoption of payments banks: A grounded theory approach. Journal of Financial Services Marketing, 28(1), 43.
61. Purohit, S., Paul, J., & Mishra, R. (2021). Rethinking the bottom of the pyramid: Towards a new marketing mix. Journal of Retailing and Consumer Services, 58, 102275.
62. Purohit, S., & Arora, R. (2025). Standards, Policies, Ethical Guidelines and Governance in Artificial Intelligence: Insights on the Financial Sector. Ethical Decision‐Making Using Artificial Intelligence: Challenges, Solutions and Applications, 1-25.
63. Roberts, J. (1991). The possibilities of accountability. Accounting, organizations and society, 16(4), 355-368.
64. Robinson, L., J. Schulz, M. Dodel, T. Correa, E. Villanueva-Mansilla, S. Leal, C. Magallanes- Blanco, R. Medina, H. S. Dunn, L. Levin, R. MacMohan, A. Khilnani. 2020. Digital inclusion across the Americas and Caribbean. Social Inclusion 8(2):244-259. doi: 10.17645/si.v8i2.2632.
65. Raju, G., & Reddy, I. L. Mobile Banking and Financial Inclusion: The Proximate Determinants of Adoption in Rural India.
66. Raza, M. S., Tang, J., Rubab, S., & Wen, X. (2019). Determining the nexus between financial inclusion and economic development in Pakistan. Journal of Money Laundering Control, 22(2), 195- 209.
67. Retrieved from Worl Bank dataon 19thAugust,2025, https://documents1.worldbank.org/curated/en/779321468175731439/pdf/391270Next040billion.pdf
68. Retrieved from data of Reserve Bank of India (2010). Master Circular on Know Your Customer (KYC) Norms/Anti-Money Laundering (AML) Standards/Combating of Financing of Terrorism (CFT) – Prevention of Money Laundering Act, 2002.
69. Sembiyeva, L., Prokopenko, O., Zholamanova, M., Amanova, G., & Tazhbenova, G. (2025). Adoption in Financial Accounting: Enhancing Efficiency and Compliance. In Design, Simulation, Manufacturing: The Innovation Exchange (pp. 202-217). Cham: Springer Nature Switzerland.
70. Shaikh, I. M., Qureshi, M. A., Noordin, K., Shaikh, J. M., Khan, A., & Shahbaz, M. S. (2020). Acceptance of Islamic financial technology (FinTech) banking services by Malaysian users: an
71. extension of technology acceptance model. foresight, 22(3), 367-383.
72. Shankar, A. (2024). Reaching out to the bottom of the pyramid to achieve financial inclusion.
73. Journal of Global Responsibility, 15(2), 179-192.
74. Sharma, D., & Munjal, P. (2024). Determining the key drivers of FinTech adoption in India.
75. International Journal of Process Management and Benchmarking, 16(4), 533-554.
76. Sinha, N., Paul, J., & Singh, N. (2024). Mobile payments for bottom of the pyramid: Towards a positive social change. Technological Forecasting and Social Change, 202, 123313.
77. Srivastava, A., Mukherjee, S., & Jebarajakirthy, C. (2020). Aspirational consumption at the bottom of pyramid: A review of literature and future research directions. Journal of Business Research, 110, 246-259.
78. Suchman, M. C. (1995). Managing legitimacy: Strategic and institutional approaches. Academy of management review, 20(3), 571-610.
79. Tabachnick, Barbara G., and Linda S. Fidell. 2007. Experimental designs using ANOVA. California, United States: Thomson/Brooks/Cole.
80. Venkatesh, V., M. G. Morris, G. B. Davis, and F. D. Davis. 2003. User acceptance of information technology: Toward a unified view." MIS quarterly 27 (3):425-478. doi: 10.2307/30036540.Venkatesh, V., J. Y. Thong, and Xu. 2012. Consumer acceptance and use of information technology: extending the unified theory of acceptance and use of technology. MIS quarterly 36 (1):157-178. doi: 10.2307/41410412
81. Wang, Y., & Zhang, Z. (2025). Digital development and rural financial inclusion: Evidence from China. Research in International Business and Finance, 73, 102637.
82. Wu, G., & Peng, Q. (2024). Bridging the digital divide: Unraveling the determinants of fintech adoption in rural communities. Sage Open, 14(1), 21582440241227770.
83. Zhang, Q., & Kou, Y. (2012). Self-enhancement oriented prosocial behaviors: Behavioral pathways based on agency and communion. Journal of Beijing Normal University (Social Sciences), 1(1), 51- 57.