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Abstract

FinTech, a mixture of Finance and Technology, is becoming an acceptable factor to advance the digital financial inclusion in India. DFI is defined as the cost saving mechanism to enable hardto- reach unbanked or underserved population with some cost saving financial services digitally. The rate of FinTech literacy is enabling the people to use and understand the digital finances. There are different FinTech applications extensively used by people in their day-to-day life which has transformed and improved the entire financial sector by bringing out various innovative offering across payments & transfers, financing & banking and capital market & personal financial management, these includes Paytm, PhonePe, Gpay, and so on across different age groups and gender. With the rapid penetration of mobile and internet connection across India, the move towards digital financial inclusion is increasing at a great speed. This study aims to compute the percentage of people using different Fintech applications, age group wise comparison on fintech literacy, gender wise comparison on fintech literacy and the impact of fintech literacy on digital financial inclusion. In order to collect the data, we have administered a structured questionnaire and following convenience sampling technique we have collected 110 responses which were further used for data analysis process. In order to obtain the results of the objectives stated above, we have used percentage calculation in MS-Excel and basic pie chart functions for first objective, ANOVA-single factor test and T-test hypothesis testing for the second and third objective respectively and for the last objective that is the impact of fintech literacy on digital financial inclusion we have run a regression model in MS-Excel. According to the test performed it was found that Gpay was the most used Fintech application accounting 60.90%, followed by Paytm and PhonePe which accounts for 48.20% and 46.40% respectively. As per the second and third objective there is no significant difference in Fintech literacy across different age groups as well as different genders. For the last objective we have found that Fintech literacy has a significant impact on Digital financial inclusion, as Fintech literacy increases it leads to higher level of digital financial inclusion. The government should arrange different schemes and programs in order to educate people of different age groups and across all genders on fintech services so that the people can take charge of their financial life and enjoy it to full extent.

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