Formalizing the economy is essential for national development, combating corruption and money laundering, and ensuring fair income distribution.Digital financial inclusion has emerged as a solution to these issues, particularly in urban areas.However, it is crucial to also prioritize rural India.Therefore, studying the factors that influence the use of digital financial platforms like UPI and E-wallet is necessary to provide proper financial services to rural communities.So, the study aimed to find the factors affecting the use of the UPI and E-wallet and their impact on the formalization of economy.In the study bibliometric analysis is done through VOS viewer software for finding research gaps.PLS-SEM is used to find the relationship among variables and the effect of independent latent variable on the dependent construct.From the study it is found that direct effect of the digital financial inclusion on the acceptance of UPI and E-wallet system and lead to formalization of economy.
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Behera et al. (2023) studied this question.
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