Impact of fintech usages on financial inclusion initiatives: perspective from Urban slum dwellers of Uttarakhand

Abstract

ABSTRACT This study explores awareness levels, the factors influencing awareness, and the impact of actual usages of fintech services on the acceleration of financial inclusion initiatives among the urban poor of the disadvantaged geographic segment of society. Data have been gathered from a sample of 100 individuals residing in urban slums in Uttarakhand, and analysis has been conducted utilizing the Partial Least Square Structural Equation Modeling (PLS-SEM) technique. The study finds that there is a moderate-to-low level of awareness except awareness of digital methods of payments, which is very high. Income and education are the prominent factors affecting awareness. Lastly, fintech is an effective lever that significantly accelerates the financial inclusion initiatives among urban slum dwellers.