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Toward Inclusive Finance: Mapping Digital Disparities Across India

Author

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  • Nilanjan Banik
  • Pranjal Chandrakar

Abstract

We draw upon a recently released, large-scale dataset to conduct an empirical analysis of the determinants underlying regional disparities in digital payment technology adoption in India. Older individuals and women are less likely to adopt these technologies. Educational attainment plays a significant role. While caste and religion do not directly influence digital payment usage, their effects appear to be mediated through education and economic access. A counterintuitive finding is that economically advanced states such as Chandigarh, Delhi, Gujarat, and Karnataka have relatively low adoption of digital payment systems. Individuals prefer to conduct high-value transactions in cash to evade paying income tax. JEL Codes: C3, E7, G2

Suggested Citation

  • Nilanjan Banik & Pranjal Chandrakar, 2026. "Toward Inclusive Finance: Mapping Digital Disparities Across India," Journal of Emerging Market Finance, Institute for Financial Management and Research, vol. 25(2), pages 179-200, June.
    • Handle: RePEc:sae:emffin:v:25:y:2026:i:2:p:179-200
    DOI: 10.1177/09726527251392740
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    JEL classification:

    • C3 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables
    • E7 - Macroeconomics and Monetary Economics - - Macro-Based Behavioral Economics
    • G2 - Financial Economics - - Financial Institutions and Services

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