The Role of Digital Payments in Enhancing Financial Inclusion: Analysing and Visualizing Research Trends

Abstract

Increased adoption of digital and mobile payment technologies has reshaped the traditional topography of the financial service landscape, especially in terms of financial inclusions. This paper therefore presents the most comprehensive bibliometric analysis of available research on digital payments and financial inclusion, examining the dominant trends, themes, and collaborative patterns in the academic literature. The following analysis covers 235 publications from 190 sources in the period between 2011-2024. It shows fast growth within this area, especially in recent years. The study examines the most relevant topics, sources, and authors contributing to the field, with a focus on identifying emerging themes and gaps in the literature. The specific key research areas are financial inclusions, Fintech, and digital payments, which are central in these discussions, while blockchain and central bank digital currencies take center stage. The study further calls for the need for international collaboration on this subject, with countries like India playing an important role in driving such research output and partnerships. The review demonstrates how the research in digital financial services is evolving and points toward the future directions that such research can take; for instance, understanding the impacts of the technologies on the underserved populations and regulatory challenges. These findings provide useful insights for policy makers, financial institutions, and technology developers in the pursuit of increasing the reach of financial inclusion through digital innovations.