A trust-based digital gold pawning model for enhancing financial inclusion
DOI:
https://doi.org/10.61511/ghde.v2i2.2025.3414Keywords:
customer trust, digital gold pawning, financial inclusion, Islamic finance, PegadaianAbstract
Background: Despite the rapid digitalization of financial services, financial exclusion remains a persistent challenge for low-income households and micro, small, and medium enterprises (MSMEs) in Indonesia. Gold pawning, particularly under Sharia-compliant contracts, has long served as an accessible financing instrument. However, recent studies suggest that digital transformation alone does not necessarily translate into improved financial inclusion. This study therefore examines the role of customer trust as a key mechanism linking the digitalization of gold pawn services and financial inclusion in PT Pegadaian (Persero). Method: This research employs an explanatory quantitative design using primary data collected through structured questionnaires from 102 respondents familiar with gold pawn services and digital financial platforms. The relationships among variables were analyzed using Partial Least Squares–Structural Equation Modeling (PLS-SEM). Findings: The results indicate that the digitalization of gold pawn services significantly increases customer trust (β = 0.593, p < 0.001), while customer trust significantly enhances financial inclusion (β = 0.576, p < 0.001). However, the direct relationship between digitalization and financial inclusion is not statistically significant (β = 0.141, p = 0.267), indicating that customer trust fully mediates this relationship. Conclusion: These findings demonstrate that digital financial services contribute to financial inclusion only when supported by strong institutional trust. Digital service quality, transparency, and Sharia-compliant governance play a crucial role in building trust and encouraging sustained engagement with formal financial services. Novelty/Originality of this article: This study proposes a trust-based digital gold pawning model that integrates digital service quality, Sharia governance, and institutional trust to explain financial inclusion outcomes within Islamic pawn services.
References
Aisyah, S. N., & Wahyuni, R. S. (2025). Digital financial literacy and customer protection on customer trust with the use of mobile banking as a moderating variable. Jurnal Ilmiah Akuntansi dan Bisnis, 10(2), 112–122. https://doi.org/10.38043/jiab.v10i2.6935
Appiah, T., & Agblewornu, V. V. (2025). The interplay of perceived benefit, perceived risk, and trust in fintech adoption: Insights from Sub-Saharan Africa. Heliyon, 11(2), e41992. https://doi.org/10.1016/j.heliyon.2025.e41992
Avdukić, A., & Smolo, E. (2024). Promoting sustainable development through Islamic social finance. In M. K. Hassan, M. A. M. Hassan, & A. H. M. Azam (Eds.), The future of Islamic finance (pp. 121–139). Emerald Publishing Limited. https://doi.org/10.1108/978-1-83549-906-120241008
Avrianto, A., & Murwenie, I. (2024). Martin Fishbein’s multiattribute analysis on using the Pegadaian Digital Service of PT Pegadaian Indonesian Pawnshop. Sainteks: Jurnal Sain dan Teknik, 6(2), 310–321. https://doi.org/10.37577/sainteks.v6i02.783
Aziz, A., & Naima, U. (2021). Rethinking digital financial inclusion: Evidence from Bangladesh. Technology in Society, 64, Article 101509. https://doi.org/10.1016/j.techsoc.2020.101509
Badar, M. Y. Y., & Mandala, S. (2025). The existence of PT Pegadaian as a bullion bank business player in Indonesia. Jurnal Greenation Sosial dan Politik, 3(4), 1280–1288. https://doi.org/10.38035/jgsp.v3i4.553
Budiyanto, A., Lubis, I., Pamungkas, I. B., & Maulana, A. E. (2025). Technology acceptance model, trust, and financial behavior in shaping consumer well-being: Insights from fintech adoption in urban Indonesia. Innovative Marketing, 21(2), 197–210. https://doi.org/10.21511/im.21(2).2025.16
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 Group. https://documents.worldbank.org/en/publication/documents-reports/documentdetail/099818107072234182
Fachruzi, A. S. (2023). Analisis penerapan sistem informasi aplikasi Pegadaian Digital Service dalam memudahkan nasabah bertransaksi (Studi kasus Pegadaian Unit Betun). HOAQ (High Education of Organization Archive Quality): Jurnal Teknologi Informasi, 12(2), 52–62. https://doi.org/10.52972/hoaq.vol12no2.p52-62
Ferawati, R. (2022). The influence of perception and service on the satisfaction level of pawn gold customers at the Handil Jaya Pegadaian Syariah Main Branch Office. Iltizam Journal of Shariah Economics Research, 6(2), 160–172. https://doi.org/10.30631/iltizam.v6i2.1414
Fifin, F. A., & Halida, P. A. (2025). Rahn emas dalam Fatwa DSN-MUI. El Nubuwwah: Jurnal Studi Hadis, 3(1), 81–110. https://doi.org/10.19105/elnubuwwah.v3i1.15943
Fishbein, M., & Ajzen, I. (1975). Belief, attitude, intention, and behavior: An introduction to theory and research. Addison-Wesley Publishing Company.
Gunawan, G. (2025). Analisis penggunaan aplikasi Pegadaian Digital Service (PDS) pada operasional Pegadaian Cabang Palu Barat [Undergraduate thesis, Universitas Islam Negeri Datokarama]. https://repository.uindatokarama.ac.id/id/eprint/3985/1/skripsi%20Gunawan%20.pdf
Hair, J. F., Hult, G. T. M., Ringle, C. M., & Sarstedt, M. (2021). A primer on partial least squares structural equation modeling (PLS-SEM) (3rd ed.). Sage Publications.
Lahreche, A., Ogawa, S., Beaton, K., Khera, P., Bazarbash, M., von Allmen, U., & Sahay, R. (2020). The promise of fintech. International Monetary Fund. https://doi.org/10.5089/9781513512242.087
Latif, I. S., Saputro, R. E., & Barkah, A. S. (2025). Technology Acceptance Model (TAM) using Partial Least Squares Structural Equation Modeling (PLS-SEM). Journal of Information Systems and Informatics, 7(2), 1376–1399. https://doi.org/10.51519/journalisi.v7i2.1104
Lumbantobing, A. T., Komaladewi, R., & Amar, S. C. D. (2025). The effect of e-service quality and e-trust on Generation Y e-loyalty in digital banking services in Indonesia. Jurnal Ilmiah Global Education, 6(3), 1934–1949. https://doi.org/10.55681/jige.v6i3.4107
Mapurita, C. K., & Mayoukou, C. (2024). Contribution to the measurement of digital financial inclusion in Sub-Saharan Africa. Borsa Istanbul Review, 24(6), 1227–1247. https://doi.org/10.1016/j.bir.2024.07.007
Morgan, P. J., Huang, B., & Trinh, L. Q. (2019). The need to promote digital financial literacy for the digital age. Asian Development Bank Institute. https://www.global-solutions-initiative.org/wp-content/uploads/2025/03/t20-japan-tf7-3-need-promote-digital-financial-literacy.pdf
Mwange, A., & Mumba, M. (2025). Perceived trust and digital financial inclusion in Zambia’s informal markets: Mediating and moderating role of digital financial literacy and digital financial efficacy. African Journal of Commercial Studies, 6(2), 99–105. https://doi.org/10.59413/ajocs/v6.i2.9
Nasution, A. S., Rini, E. S., & Fadli, F. (2025). Optimizing gold-pawn decisions: The role of marketing mix, E-Mas services, and brand image at Bank BSI KCP Medan Adam Malik. Formosa Journal of Multidisciplinary Research, 4(1), 445–458. https://doi.org/10.55927/fjmr.v4i1.12840
Ozili, P. K. (2018). Impact of digital finance on financial inclusion and stability. Borsa Istanbul Review, 18(4), 329–340. https://doi.org/10.1016/j.bir.2017.12.003
Pratiwi, T. N., Batubara, C., & Ramadhani, S. (2025). Analisis minat masyarakat terhadap produk digital Pegadaian Syariah dalam kemudahan bertransaksi di PT Pegadaian Syariah CPS Arief Rahman Hakim. Jurnal Ilmiah Manajemen, Ekonomi dan Akuntansi, 5(2), 158–172. https://doi.org/10.55606/jurimea.v5i2.936
Rahardjo, I. P., & Darma, E. S. (2025). Digital service quality and mobile banking continuity as drivers of loyalty and bank reputation. Journal of Accounting and Investment, 26(2), 436–459. https://doi.org/10.18196/jai.v26i2.26102
Rahman, A. R. A. (2010). Islamic microfinance: An ethical alternative to poverty alleviation. Humanomics, 26(4), 284–295. https://doi.org/10.1108/08288661011090884
Razak, A. A., & Asutay, M. (2022). Financial inclusion and economic well-being: Evidence from Islamic pawnbroking (Ar-Rahn) in Malaysia. Research in International Business and Finance, 59, Article 101557. https://doi.org/10.1016/j.ribaf.2021.101557
Rusmariani, Y., & Setiawan, I. (2025). Analysis of implementation PSAK 407 on gold pawn financing at Islamic financial institutions. Iqtishaduna: International Conference Proceeding, 1, 101–106. https://doi.org/10.54783/b66q5s76
Sharma, V., Jangir, K., Gupta, M., & Rupeika-Apoga, R. (2024). Does service quality matter in FinTech payment services? An integrated SERVQUAL and TAM approach. International Journal of Information Management Data Insights, 4(2), Article 100252. https://doi.org/10.1016/j.jjimei.2024.100252
Susandi, F. A. (2025). Efektivitas industri emas untuk meningkatkan pendapatan UMKM (Studi nasabah UMKM di Pegadaian Ngawi). MAP (Jurnal Manajemen dan Administrasi Publik), 7(4), 387–392. https://doi.org/10.37504/map.v7i4.681
Tandilino, C., Pontoh, G. T., Darmawati, D., & Indrijawati, A. (2025). Digital financial inclusion as a mediator of digital financial literacy and government support in MSME performance. International Journal of Financial Studies, 13(4), Article 199. https://doi.org/10.3390/ijfs13040199
Widyastuti, U., Respati, D. K., Dewi, V. I., & Soma, A. M. (2024). The nexus of digital financial inclusion, digital financial literacy, and demographic factors: Lessons from Indonesia. Cogent Business & Management, 11(1), Article 2322778. https://doi.org/10.1080/23311975.2024.2322778
Wijaya, N. H. (2022). The challenges of Sharia pawnshops in Indonesia in the era of the Industrial Revolution 4.0. El-Mashlahah, 12(1), 52–69. https://doi.org/10.23971/elma.v12i1.3910
Wijayanti, M. T. (2020). Implementasi manajemen syariah Pegadaian dalam gadai emas. Jurnal Manajemen Bisnis, 17(1), 101–115. https://doi.org/10.38043/jmb.v17i1.2345
Downloads
Published
Issue
Section
Citation Check
License
Copyright (c) 2025 Abdullah Haidar, Nadhrah Ilmina Dilsyaadi, Thifal Yumna Nazihah
This work is licensed under a Creative Commons Attribution 4.0 International License.
