• Rizqi Umar Al Hashfi Universitas Gadjah Mada
  • Alyta Shabrina Zusryn YARSI University
  • Novi Lailatul Khoirunnisa Universitas Gadjah Mada
  • Ammelia Rizza Fitri Ayu Listyowati Universitas Gadjah Mada
Keywords: Digital Financial Inclusion, Mobile Money, Online Payment, OIC Countries


Digital financial inclusion (DFI) is a prominent issue in the digital era, since it focuseson the use of technology to serve unbanked people at low cost. The adoption ofmobile money platforms that allow users to make efficient peer-to-peer and real-timetransactions is one aspect of the DFI agenda. This study aims to investigate thedeterminants of mobile money usage using data derived from the 2017 GlobalFinancial Inclusion survey conducted by the World Bank and Gallup and applyingprobit regression and the Heckman selection model to check robustness. Eventhough access to a financial institution is relatively low, the percentage of mobilemoney usage in Organisation of Islamic Cooperation (OIC) countries is slightly higherthan in non-OIC countries and worldwide. The rate of adoption of mobile money ishigher for individuals making online transactions, with more educated and moreprosperous males tending to be more included in the use of digital financial services.The U-shape hypothesis for the relationship between age and the use of mobilemoney is not supported. Our research contributes to the theoretical development ofthe Unified Theory of Acceptance and Use of Technology 2 in illustrating the use ofmobile technology. The empirical results are recommended for use by practitioners,regulators and policymakers in creating and fostering a sound ecosystem for digitalfinance development.


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How to Cite
Al Hashfi, R., Zusryn, A., Khoirunnisa, N., & Listyowati, A. (2020). ONLINE PAYMENT, INDIVIDUAL CHARACTERISTICS, AND DIGITAL FINANCIAL INCLUSION IN OIC COUNTRIES. Journal of Islamic Monetary Economics and Finance, 6(4).