Abstract
Fintech adoption (technology-enabled finance) has not only supplemented the existing physical financial setups for India but has also stretched its wings towards providing the financial services to those who had limited or no access to physical banking (and other financial institutions). Moreover, COVID-19-based restrictions have further strengthened the Fintech adoption among suppliers, regulators and consumers of financial services which in turn has benefited the economy at large. The present study is an attempt to empirically evaluate the impact of Fintech adoption on India’s select macro-economic variables. The macro-economic variables, namely economic growth; income per individual; official exchange rate as a proxy of financial stability vis-à-vis world at large; and labour participation were examined. An index was formed via principal component analysis to capture Fintech adoption over the period 2001–2020 and ARDL framework was employed to examine the results. The results indicate that Fintech adoption has supported India’s economic growth, income per capita and also official exchange rate. Intense regulatory measures towards technical-efficient financial structures might have contributed towards such results. However, the results indicate that the growth in digital financial medium is leading to a reduction in jobs in India.
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