Financial Technology and Its Impact on Poverty in India

Abstract

The paper aims to examine the effects of financial technology (Kisan Credit Card and ATM) on India's Poverty and empirically analyze the influence of financial technology on poverty scores. We consider data from twenty-two Indian states for three fiscal years, i.e., from 2018 to 2020. The current study uses panel data analysis to test the hypothesis. Results suggest a negative association between financial technology (Kisan credit card and ATM) and its influence on the poverty score in India. The current study suggests that the government should pay more attention to expanding financial technology, including increasing economic growth and financial stability and eliminating poverty by investing in infrastructure that would enhance banking services.

From expanding financial services to tackling poverty in West African Economic and Monetary Union: The accelerating role of mobile money

“…In addition, Polloni-Silva et al (2021) verifying if financial inclusion and technology adoption decrease the poverty headcount ratio in 13 Latin American countries found that combining financial inclusions and mobile technology is key in decreasing poverty. Likely, Gautam et al (2021), examining the effects of financial technology on India's Poverty, suggested a negative association between financial technology and poverty score in India. Lee et al (2021) used an RCT to evaluate the impact of mobile financial technology on very poor rural households and family members who had migrated to the city.…”

“…The main goal of this paper is then to assess and compare the effects of the various mobile money usages on poverty alleviation in WAEMU. In the literature, the link between financial inclusion and poverty has been the subject of numerous studies that have examined the determinants of financial inclusion as well as its impact on poverty around the world (Abiona & Koppensteiner, 2022; Bukari et al, 2020; Churchill & Marisetty, 2020; Dawood et al, 2019; Gautam et al, 2021; Inoue, 2019; Khaki et al, 2022; Lee et al, 2023; Mhlanga, 2022, 2021; Mushtaq & Bruneau, 2019; Park & Mercado, 2018; Polloni‐Silva et al, 2021; Schumpeter, 1911; World Bank, 2020). Most of these studies are related to Schumpeter (1911).…”

Inclusive Digital Financial Services for Persons with Disabilities: Impact on Economic Empowerment and Financial Inclusion

“…For example, in several developing countries like India, the absence of formal financial service infrastructure, such as ATMs in remote and poor areas, hinders accessibility and participation in financial services, affecting PwD more. This disparity in financial infrastructure in remote and poor areas is prevalent in many developing countries (Gautam et al, 2021;de la Cuesta Gonzales, 2021;Kameswaran & Marathe, 2023).…”

“…Even in urban areas, some individuals continue to rely on cash because of the limited availability of disability-friendly financial services, such as ATMs. Several studies have highlighted the significance of this issue, including de la Cuesta Gonzales et al ( 2021), Aziz & Naima (2021), Gautam et al (2021), and Ashenafi & Dong (2022).…”