Title: Financial literacy and FinTech adoption: a path to empowering small business entrepreneurs in the Indian emerging market

Authors: Deepika Chaudhary; Deepak Bansal; Sapna Yadav; Devkanya Gupta

Addresses: School of Management and Commerce, K.R. Mangalam University, Gurugram, Haryana, India ' GNIOT Institute of Management Studies (GIMS), Plot No. 7, Knowledge Park II, Greater Noida, Uttar Pradesh, 201310, India ' Jaypee Institute of Information Technology, Jaypee Business School, Noida, India ' School of Management and Commerce, K.R. Mangalam University, Gurugram, Haryana, India

Abstract: This study examined how financial literacy affected FinTech adoption and financial empowerment, among small business entrepreneurs in an emerging market. Using a mediation-moderation framework, the study highlights the role of FinTech adoption as a mediator and gender as a moderator on the adoption. The study gathered data from 220 respondents in the Delhi NCR region of India and utilised PLS-SEM 4.0 to test hypotheses. The results of the study confirmed the important role of financial literacy as a predictor of FinTech adoption and financial empowerment for entrepreneurs. The study also indicates that irrespective of gender, a person should benefit more when allowed FinTech engagement. This study also offers implications that will provide a framework to policy-makers attempting to address gaps in FinTech potential usage for micro and small businesses and as a result, deconstruct barriers to financial inclusion for small business entrepreneurship in emerging markets to achieving gender equity.

Keywords: financial literacy; FinTech adoption; financial empowerment; small businesses; emerging markets.

DOI: 10.1504/IJESB.2026.155703

International Journal of Entrepreneurship and Small Business, 2026 Vol.59 No.1, pp.121 - 140

Received: 29 May 2025
Accepted: 10 Jun 2025
Published online: 11 Aug 2026 *

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