Assessing the role of FinTech in financial inclusion in emerging markets: A Focus on India

Abstract

This paper aims to understand how FinTech contributes to the upliftment of financial inclusion in India with special emphasis on the level of acceptance by various population subgroups. There are several areas of research, including low levels of digital skills, both with computers and the internet, as well as uncertainty surrounding the adoption of digital transactions in Rural and other deprived regions. Technology services included in this study are mobile payment and digital lending, which the research uses to determine the role of these services in increasing or reducing gaps in the availability of banking, credit, and insurance services. By way of a qualitative assessment, this study captures the impact of socio-economic and cultural factors in the adoption of FinTech. This also assesses the efficiency of governmental strategies and the quality of related legislation, providing suggestions for relevant parties in enhancing FinTech adoption. Hence, the findings complement extant knowledge on financial inclusion and offer insights for improving uptake from an organizational perspective that may help policymakers and FinTech players accelerate usage, hence development in the emergent economy of India