FinTech for Fostering Financial Inclusion and Sustainable Development: An Analysis of User Pattern and Issues in the Context of Far East India

The study aims to provide a thorough grasp of the awareness, user pattern, and barriers towards the adoption of FinTech services. The data for the empirical study were obtained from 1066 individual respondents covering four districts of Assam, a state in the North Eastern Region of India. It has been observed that the awareness and utilisation of FinTech are skewed towards millennials or Generation Y. Although quick response code-based transactions are gaining popularity, less than half of respondents use FinTech services when making in-store purchases. Perceived risks, such as susceptibility to cyber-attacks, loss of financial and personal data, and technical difficulties during transactions, adversely affect the adoption of FinTech. Furthermore, the issues of poor Internet speed, transaction failure, unawareness, and the perception of cumbersome navigation are more prevalent in rural areas. The risks, connectivity, and unfamiliarity identified in the study regarding FinTech service usage would aid in filling the void left by earlier initiatives to best meet the actual needs of society, fostering connectivity, and sustaining proactive supervisory efforts.