From Adoption to Impact: FinTech-Led Financial Inclusion in India Towards Viksit Bharat 2047

This paper considers how far the adoption of FinTech can achieve meaningful financial inclusion outcomes in India in the context of Viksit Bharat 2047. Although digital financial services (UPI, mobile banking, and digital wallets) have greatly increased access, the effects of digital financial services on sustained and inclusive financial participation have been uneven. To fill this gap, the study changes the analysis focus of access-based measures to usage-driven inclusion outcomes. A multi-method empirical framework was used, combining logistic regression, principal component analysis (PCA), and cluster analysis. The results indicate that digital literacy, frequency of use, perceived security, and regulatory awareness are important determinants of financial inclusion. The study also notes that three different user groups, including active users, passive adopters, and excluded individuals, exhibit significant heterogeneity in post-adoption behaviour. The study will make a contribution to the literature by going beyond access-based indicators of inclusion. The findings can offer practical information to policymakers, financial institutions, and FinTech companies to develop specific, behaviourally informed interventions that will lead to sustained financial activity and the achievement of an inclusive digital economy by 2047.