Challenges in the adoption of fintech by women in rural areas of India using interpretive structural modeling

A significant portion of India's population lives in rural areas, where fintech adoption is essential for economic empowerment. Research indicates that fintech adoption remains significantly low in rural India and is higher among men than women, with regional disparities across economies. While fintech enhances financial inclusion, its reach remains limited in rural areas, and a persistent gender gap continues to affect accessibility from region to region across economies. Existing research has yet to examine the specific challenges rural women face in adopting fintech, leaving a crucial gap in understanding financial inclusion dynamics. Therefore, the present study explores the challenges and the contextual relationship among these challenges from existing literature. Twenty-five women from rural areas were interviewed, and an Interpretive Structural Modelling (ISM) method was used to find the contextual relationship among the challenges. The results show that lack of knowledge, lack of literacy, and internet network issues are driving challenges. The study offers strategic recommendations for fintech service providers to tailor their offerings, ensuring they effectively address the challenges faced by underserved populations, particularly rural women. Government-led policies and strategies promoting fintech are expected to bridge the gender gap and accelerate its adoption, particularly in underserved regions.