Mapping Causal Dynamics of FinTech Adoption Barriers in India: An IVNFS‑DEMATEL Perspective

Abstract

Navigating the complexities of the rapidly evolving financial technology (Fintech) sector is critical for advancing sustainable growth of a country. Developing a robust fintech ecosystem in a developing economy context requires understanding and prioritizing multifaceted challenges in a dynamic and uncertain environment. This study aimed to explore the challenges faced during the adoption of the fintech ecosystem in Indian context. Through expert opinions and an extensive literature review, nineteen potential barriers to the adoption of fintech were identified. This study proposes an Interval‑Valued Neutrosophic Fuzzy Decision-Making Trial and Evaluation Laboratory (IVNF‑DEMATEL) framework to map and prioritize the interrelationships among key challenges in India’s FinTech. The analysis revealed “non-availability of proper IT technology,” “data privacy risk,” and “absence of a friendly user design interface” as the most significant barriers. The study provides targeted strategic recommendations to overcome these barriers and facilitate wider fintech adoption in India. This study equips policymakers and industry leaders with a nuanced roadmap for strategic intervention—prioritizing barriers to achieve cascading improvements throughout the Indian Fintech ecosystem.