Impact of FinTech Platforms on Financial Inclusion among Street Vendors: An Empirical Study in the Avadi Region

Abstract

This study aims at analyzing the impact of FinTech in reducing the gap in financial inclusion among the street vendors of the Avadi area. The objectives of the study include exploring the impacts of FinTech on the behavior of street vendors towards financial activities and economic empowerment, identifying the barriers that exist in adoption by the vendors, and analyzing the extent of financial needs addressed by FinTech. Vendors on the street, who make up a substantial part of the informal sector in places like Avadi, may encounter difficulties when trying to access conventional banking systems because of issues related to documentation, financial knowledge, and credit history.
Financial technology (FinTech) has gained popularity in recent times as an instrument for promoting financial inclusion. With the aid of FinTech innovations such as digital wallets and online banking systems, transactions can be executed much faster and more conveniently than before, thereby improving financial inclusion especially among marginalized groups who were previously financially excluded.