Digital Financial Services and Financial Inclusion: The effect of e-levy on the Adoption of Mobile Money in a Sustainable Economy, Asokan Vasudevan, Sidar ŞİMŞEK, Nasyra Jamil
Asokan Vasudevan
Professor, Faculty of Business and Communications, INTI International University, Persiaran Perdana BBN Putra Nilai, 71800 Nilai, Negeri Sembilan
Malaysia
ORCID:0000-0002-9866-4045
Sidar Atalay ŞİMŞEK
Department of Economics, Batman University/Türkiye, 72100
Turkey
ORCID: 0000-0003-0288-1828
Nasyra Ab. Jamil
Faculty of Business and Communications, INTI International University, Persiaran Perdana BBN Putra Nilai, 71800 Nilai, Negeri Sembilan
Malaysia
ORCID: 0009-0005-9792-6540
Type of Paper: Research
Received: 11 December 2025 / Revised: 19 January 2026 / Accepted: 30 January 2026 / Published: 25 March 2026
DOI: 10.47556/J.WJEMSD.22.4.2026.2
Purpose: This study analyses the impact of mobile money taxes on financial inclusion, focusing on actual usage and behavioural intentions.
Design/Methodology/Approach: Data from 364 users were analysed using PLS-SEM. The study evaluates key Unified Theory of Acceptance and Use of Technology (UTAUT) constructs in conjunction with the influence of digital levies.
Findings: Performance expectancy, effort expectancy, social influence, and facilitating conditions significantly shape behavioural intentions, which strongly drive mobile money adoption. However, mobile money taxes negatively affect actual usage, undermining financial inclusion.
Originality/ Value: Grounded in the (UTAUT), it explores mobile money adoption in Odisha, India.
Research Limitations: This study is limited by its focus on Odisha, India, and a sample that may not represent broader mobile money users.
Practical Implications: Policymakers should reconsider taxation, while providers must enhance usability and support infrastructure to expand inclusive adoption.
Keywords: Mobile Money Technology; Financial Inclusion; Digital Inclusion; Mobile Money Taxation; e-Levy.
Citation: Vasudevan. A., ŞİMŞEK, S. A and Jamil, N. A. (2026): Digital Financial Services and Financial Inclusion: The effect of e-levy on the Adoption of Mobile Money in a Sustainable Economy. World Journal of Entrepreneurship, Management and Sustainable Development (WJEMSD), Vol. 22, No. 4, pp. 315-331.
