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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
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    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.
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