Digital Financial Inclusion in India: A Systematic Review of Evidence and Future Research Directions

Abstract Digital financial inclusion has emerged as a cornerstone of India's economic development strategy; however, a comprehensive synthesis of the existing evidence remains limited. This paper presents a systematic review of the literature on digital financial inclusion in India, analyzing the findings of peer-reviewed studies, government reports, and institutional publications from 2015 to 2025. This review employs a thematic analysis methodology to identify the key determinants, drivers, barriers, and outcomes of digital financial inclusion. The major findings reveal that the JAM Trinity (Jan Dhan-Aadhaar-Mobile) and UPI infrastructure have significantly expanded access to formal financial services, with over 80% of adults now having bank accounts. However, the National Statistical Office (2024) survey reveals that only 28.5% of Indian youth possess basic digital financial literacy, although Goa leads with 65.7%. UPI transaction data from the Ministry of Finance shows consistent growth, with Goa recording ₹6,064 crores in January 2026. Academic studies have identified perceived trust as the strongest predictor of mobile payment adoption. Key barriers include the digital divide, security concerns, technical issues, and cultural preferences for using cash. The review identifies four major research gaps: longitudinal impact studies, regional disparity analyses, fraud governance frameworks, and inclusive design research for marginalized populations. The paper concludes by proposing a future research agenda to advance both academic understanding and policy practices.