Breaking Barriers: Mobile Banking and Financial Inclusion Among Students in Chennai

Abstract

Mobile banking offers significant potential for financial inclusion among college students, a tech-savvy demographic in urban India. This study investigates adoption factors among 215 students in Chennai, addressing influencing variables, the role of financial literacy, the impact of technical competence, and perceived risks. A survey assessed demographics, usage frequency, perceived benefits, barriers, and inclusion outcomes. Analyses (descriptive statistics, chi-square, Spearman’s correlation, ordinal logistic regression) reveal 78.1% UPI adoption, with ease of accessibility (OR = 2.27, p = 0.001) and higher income (OR = 1.73, p = 0.032) driving usage, while lack of internet access (65.6%, OR = 0.41, p = 0.003) hinders it. Only 37.2% report improved inclusion, highlighting barriers. Grounded in TAM and DOI, findings recommend that banks invest in infrastructure and literacy programs