Users' Perceived Risks and Challenges of FinTech Adoption in India: An Empirical Investigation

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P. Venkaiah Babu, Gautam Agrawal, A.Sulthan Mohideen, Bhagya Anand


Users' perceptions of the risks and challenges associated with Financial Technology (FinTech) are growing in India. People's primary worries are privacy and data security in the digital sphere. One major obstacle to the mainstream adoption of FinTech is people's concern of cyber risks and possible data breaches. Furthermore, consumers frequently feel overwhelmed by the complexity of FinTech services, which presents a barrier due to a lack of financial literacy. This makes it more difficult for them to decide on digital financial goods. In addition, there are people who are resistant to change, especially those who are used to old banking practices. Users' anxieties are compounded by regulatory uncertainties, as they struggle with understanding the laws governing FinTech transactions. To build more trust and promote widespread FinTech adoption in India, it is imperative that these gaps be filled with strong cybersecurity safeguards, improved financial education, and well-defined regulatory frameworks. A sample of 266 respondents was collected. The variables that identify Users' Perceived Risks and Challenges of FinTech Adoption in India are Security and Privacy Concerns, Lack of Awareness and Understanding, Regulatory Uncertainty, and Perceived Complexity.

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