­­DIGITAL FINANCIAL SERVICES, VISITOR SATISFACTION, AND SME REVENUE IN TOURISM RECOVERY: EVIDENCE FROM AN EMERGING ECONOMY

Abstract

The tourism sector experienced severe disruption during the crisis, particularly affecting small and medium-sized enterprises (SMEs) that rely heavily on visitor mobility and spending. In the post-pandemic recovery phase, digital financial services (DFS) have emerged as a critical mechanism to support tourism revitalization by enhancing transaction efficiency, visitor convenience, and business resilience. This study examines the effects of digital financial services on visitor satisfaction and SME revenue, with government involvement considered as a moderating factor. Using survey data collected from ten tourism destinations in Pontianak, Indonesia, and analyzed through AMOS, the findings reveal that digital financial services significantly influence both visitor satisfaction and SME revenue. Visitor satisfaction also plays a mediating role in strengthening SME revenue performance, while government support reinforces the effectiveness of digital financial services within the tourism ecosystem. This study contributes to the tourism and digital finance literature by providing empirical evidence from an emerging economy context and highlighting the strategic role of digital finance in tourism recovery