IDEAS home Printed from https://ideas.repec.org/a/gam/jjrfmx/v18y2025i6p313-d1674127.html
   My bibliography  Save this article

Digital by Default? A Critical Review of Age-Driven Inequalities in Payment Innovation

Author

Listed:
  • Ida Claudia Panetta

    (Department of Management, Sapienza—University of Rome, 00186 Rome, Italy)

  • Elaheh Anjomrouz

    (Department of Management, Sapienza—University of Rome, 00186 Rome, Italy)

  • Paola Paiardini

    (Department of Management, Sapienza—University of Rome, 00186 Rome, Italy)

  • Sabrina Leo

    (Department of Management, Sapienza—University of Rome, 00186 Rome, Italy)

Abstract

This paper offers a systematic literature review of age-related disparities in the adoption of digital payment systems, a phenomenon that is becoming increasingly relevant as financial transactions become predominantly digital. Using the SPAR-4-SLR protocol, 66 scholarly contributions published between 2014 and 2024 are examined and categorised into four thematic clusters: demographic determinants, behavioural drivers, structural barriers linked to the grey digital divide, and emerging insights from neurofinance. The review highlights a multifactorial set of barriers that limit older adults’ engagement with digital payments, including usability challenges, cognitive and physical limitations, digital skill gaps, and perceived security risks. These obstacles are further amplified by structural inequalities such as socio-economic status, geographic location, and infrastructural constraints. While digital payments are often presented as tools of inclusion, the findings underscore the risk of exclusion for ageing populations without tailored design and policy interventions. The review also identifies areas for further research, particularly at the intersection of ageing, cognitive function, and human–technology interaction, proposing a research agenda that supports more inclusive and age-responsive financial innovation.

Suggested Citation

  • Ida Claudia Panetta & Elaheh Anjomrouz & Paola Paiardini & Sabrina Leo, 2025. "Digital by Default? A Critical Review of Age-Driven Inequalities in Payment Innovation," JRFM, MDPI, vol. 18(6), pages 1-28, June.
    • Handle: RePEc:gam:jjrfmx:v:18:y:2025:i:6:p:313-:d:1674127
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/1911-8074/18/6/313/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/1911-8074/18/6/313/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Donthu, Naveen & Kumar, Satish & Mukherjee, Debmalya & Pandey, Nitesh & Lim, Weng Marc, 2021. "How to conduct a bibliometric analysis: An overview and guidelines," Journal of Business Research, Elsevier, vol. 133(C), pages 285-296.
    2. Panetta, Ida Claudia & Leo, Sabrina & Delle Foglie, Andrea, 2023. "The development of digital payments – Past, present, and future – From the literature," Research in International Business and Finance, Elsevier, vol. 64(C).
    3. Evans N. N. D. Ocansey & Philomena Dadzie & Nicholas Bamegne Nambie, 2024. "Mobile Money Use, Digital Banking Services and Velocity of Money in Ghana," International Journal of Economics and Financial Issues, Econjournals, vol. 14(2), pages 218-233, March.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Cosma, Simona & Rimo, Giuseppe, 2024. "Redefining insurance through technology: Achievements and perspectives in Insurtech," Research in International Business and Finance, Elsevier, vol. 70(PA).
    2. repec:ers:journl:v:xxviii:y:2025:i:1:p:761-782 is not listed on IDEAS
    3. Jan Wiers & Didier Chabaud, 2022. "Bibliometric analysis of immigrant entrepreneurship research 2009–2019," Journal of Global Entrepreneurship Research, Springer;UNESCO Chair in Entrepreneurship, vol. 12(1), pages 441-464, December.
    4. Ana Filipa Fonseca & Fabíola Polita & Lívia Madureira, 2024. "How Agroecological Transition Frameworks Are Reshaping Agroecology: A Review," Land, MDPI, vol. 13(11), pages 1-15, November.
    5. Katherin Carrera-Silva & Olga Maritza Rodríguez Ulcuango & Paula Abdo-Peralta & Ángel Gerardo Castelo Salazar & Carmen Amelia Samaniego Erazo & Diego Haro Ávalos, 2024. "Beyond the Financial Horizon: A Critical Review of Social Responsibility in Latin American Credit Unions," Sustainability, MDPI, vol. 16(18), pages 1-23, September.
    6. Yucheng Zhang & Zhiling Wang & Lin Xiao & Lijun Wang & Pei Huang, 2023. "Discovering the evolution of online reviews: A bibliometric review," Electronic Markets, Springer;IIM University of St. Gallen, vol. 33(1), pages 1-22, December.
    7. Shobhit Kakaria & Aline Simonetti & Enrique Bigne, 2024. "Interaction between extrinsic and intrinsic online review cues: perspectives from cue utilization theory," Electronic Commerce Research, Springer, vol. 24(4), pages 2469-2497, December.
    8. Tajana Čop & Mario Njavro, 2022. "Application of Discrete Choice Experiment in Agricultural Risk Management: A Review," Sustainability, MDPI, vol. 14(17), pages 1-17, August.
    9. Lonwabo Mlawu & Frank Ranganai Matenda & Mabutho Sibanda, 2025. "Incentives for Accrual-Based Earnings Management in Emerging Economies—A Systematic Literature Review with Bibliometric Analysis," Administrative Sciences, MDPI, vol. 15(6), pages 1-41, May.
    10. Migliavacca, Milena & Goodell, John W. & Paltrinieri, Andrea, 2023. "A bibliometric review of portfolio diversification literature," International Review of Financial Analysis, Elsevier, vol. 90(C).
    11. Shivani Yadav & Saurav Ambastha & Harsh Pipil & Anil Kumar Haritash & Krishna R. Reddy, 2025. "Deciphering the Sustainable Stormwater Management Strategies for Urban Areas: a Review," Water Resources Management: An International Journal, Published for the European Water Resources Association (EWRA), Springer;European Water Resources Association (EWRA), vol. 39(7), pages 2971-2991, May.
    12. Slavkovic, Katarina & Stephan, André, 2025. "Dynamic life cycle assessment of buildings and building stocks – A review," Renewable and Sustainable Energy Reviews, Elsevier, vol. 212(C).
    13. Shuangqing Sheng & Wei Song & Hua Lian & Lei Ning, 2022. "Review of Urban Land Management Based on Bibliometrics," Land, MDPI, vol. 11(11), pages 1-25, November.
    14. Gour Gobinda Goswami & Tahmid Labib, 2022. "Modeling COVID-19 Transmission Dynamics: A Bibliometric Review," IJERPH, MDPI, vol. 19(21), pages 1-19, October.
    15. Dzintra Atstāja & Kevin Wilclif Mukem, 2024. "Sustainable Supply Chain Management in the Oil and Gas Industry in Developing Countries as a Part of the Quadruple Helix Concept: A Systematic Literature Review," Sustainability, MDPI, vol. 16(5), pages 1-18, February.
    16. Charlie Karlsson & Björn Hammarfelt, 2025. "Correction: The growth and development of Nordic regional science research 1982–2022: bibliometric evidence from thirteen regional science journals," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 74(2), pages 1-1, June.
    17. Das, Kallol & Patel, Jayesh D. & Sharma, Anuj & Shukla, Yupal, 2023. "Creativity in marketing: Examining the intellectual structure using scientometric analysis and topic modeling," Journal of Business Research, Elsevier, vol. 154(C).
    18. Majda Ćesić & Katarina Rogulj & Jelena Kilić Pamuković & Andrija Krtalić, 2024. "A Systematic Review on Fuzzy Decision Support Systems and Multi-Criteria Analysis in Urban Heat Island Management," Energies, MDPI, vol. 17(9), pages 1-42, April.
    19. Ying Liang & Wei Song, 2022. "Ecological and Environmental Effects of Land Use and Cover Changes on the Qinghai-Tibetan Plateau: A Bibliometric Review," Land, MDPI, vol. 11(12), pages 1-23, November.
    20. Luiz Almeida & Ana Soares & Pedro Moura, 2023. "A Systematic Review of Optimization Approaches for the Integration of Electric Vehicles in Public Buildings," Energies, MDPI, vol. 16(13), pages 1-26, June.
    21. Lanzalonga Federico & Chmet Federico & Petrolo Basilio & Brescia Valerio, 2023. "Exploring Diversity Management to Avoid Social Washing and Pinkwashing: Using Bibliometric Analysis to Shape Future Research Directions," Journal of Intercultural Management, Sciendo, vol. 15(1), pages 41-65, March.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jjrfmx:v:18:y:2025:i:6:p:313-:d:1674127. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.