FinTech Adoption, Digital Inclusion and the Transition to a Cashless Economy in Bangladesh: A Thematic Analysis

Abstract

Research purpose: This research aimed to examine how the adoption of FinTech will support digital financial inclusion and contribute to Bangladesh’s shift toward a cashless economy amid accelerated digital transformation. Furthermore, the research sought to develop a thematic conceptual model to accelerate the adoption of FinTech and digital inclusion in support of Bangladesh’s transition to a cashless economy.

Design/methodology/approach: A qualitative research method was chosen for the study to attain the research objective. The required data were collected from both primary and secondary sources. 20 respondents were interviewed using purposive sampling. The secondary data source included published research articles and industry reports on FinTech.

Findings: The study developed a thematic conceptual model to accelerate the adoption of FinTech and digital inclusion in support of Bangladesh’s transition to a cashless economy. The study highlighted five key themes in the transition process, including a digital mindset & financial awareness, robust digital infrastructure, selection of appropriate FinTech solution & tools, cross-sectoral integration & stakeholders’ engagement, and effective governance.

Originality/value: The research’s originality lies in constructing a qualitative thematic conceptual model that elucidates the interaction between fintech adoption and digital financial inclusion in the Bangladesh context, facilitating the shift to a cashless economy.

Practical implication: The research has valuable policy implications, recommending that the government and regulatory agencies must focus on digital literacy initiatives, invest in safe and inclusive digital infrastructure, advance interoperable FinTech systems, and improve regulatory and cybersecurity frameworks to make digital access and use more trustworthy and available to all.

Limitation: The study used only a qualitative research approach, focusing on a single country context.

JEL Classification: G23, O33, O16, E42