{"id":"https://openalex.org/W7225434655","doi":"https://doi.org/10.48175/ijarsct-40567","title":"From Digital Transactions to Formal Credit: A Review of FinTech-Enabled MSME Financing in India \u2013 The Role of Alternative Data, Account Aggregators and Digital Public Infrastructure","display_name":"From Digital Transactions to Formal Credit: A Review of FinTech-Enabled MSME Financing in India \u2013 The Role of Alternative Data, Account Aggregators and Digital Public Infrastructure","publication_year":2026,"publication_date":"2026-11-06","ids":{"openalex":"https://openalex.org/W7225434655","doi":"https://doi.org/10.48175/ijarsct-40567"},"language":"en","primary_location":{"id":"doi:10.48175/ijarsct-40567","doi":"https://doi.org/10.48175/ijarsct-40567","is_oa":true,"landing_page_url":"https://doi.org/10.48175/ijarsct-40567","pdf_url":"https://doi.org/10.48175/ijarsct-40567","source":{"id":"https://openalex.org/S4210201094","display_name":"International Journal of Advanced Research in Science Communication and Technology","issn_l":"2581-9429","issn":["2581-9429"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/P4376906117","host_organization_name":"Shivkrupa Publication's","host_organization_lineage":["https://openalex.org/P4376906117"],"host_organization_lineage_names":["Shivkrupa Publication's"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"International Journal of Advanced Research in Science Communication and Technology","raw_type":"journal-article"},"volume":null,"type":"article","is_traditional":true,"indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"diamond","oa_url":"https://doi.org/10.48175/ijarsct-40567","any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5161091022","display_name":"Prof. (Dr.) Bhawna Sharma Padroo Mrs. Siddhi Vartak","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I4405262953","display_name":"Amity University Mumbai","ror":"https://ror.org/00k65bx67","country_code":"IN","type":"education","lineage":["https://openalex.org/I191972202","https://openalex.org/I4405262953"]}],"countries":["IN"],"is_corresponding":false,"raw_author_name":"Mrs. Siddhi Vartak, Prof. (Dr.) Bhawna Sharma Padroo","raw_affiliation_strings":["Amity Business School, Amity University, Mumbai"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Amity Business School, Amity University, Mumbai","institution_ids":["https://openalex.org/I4405262953"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5161126316","display_name":"Prof. (Dr.) Rajat Gera Dr. Sameer Kulkarni","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I4405262953","display_name":"Amity University Mumbai","ror":"https://ror.org/00k65bx67","country_code":"IN","type":"education","lineage":["https://openalex.org/I191972202","https://openalex.org/I4405262953"]}],"countries":["IN"],"is_corresponding":false,"raw_author_name":"Dr. Sameer Kulkarni, Prof. (Dr.) Rajat Gera","raw_affiliation_strings":["Amity Business School, Amity University, Mumbai"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Amity Business School, Amity University, Mumbai","institution_ids":["https://openalex.org/I4405262953"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":[],"corresponding_institution_ids":["https://openalex.org/I4405262953"],"apc_list":null,"apc_paid":null,"fwci":0.0,"has_fulltext":true,"cited_by_count":0,"citation_normalized_percentile":{"value":0.0,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":"564","last_page":"564"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T11995","display_name":"FinTech, Crowdfunding, Digital Finance","score":0.8676999807357788,"subfield":{"id":"https://openalex.org/subfields/1404","display_name":"Management Information Systems"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T11995","display_name":"FinTech, Crowdfunding, Digital Finance","score":0.8676999807357788,"subfield":{"id":"https://openalex.org/subfields/1404","display_name":"Management Information Systems"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10987","display_name":"Microfinance and Financial Inclusion","score":0.12880000472068787,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T13346","display_name":"Digital Transformation in Financial Services","score":0.00139999995008111,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/msme-financing","display_name":"MSME financing","score":0.9580000042915344},{"id":"https://openalex.org/keywords/fintech","display_name":"fintech","score":0.9539999961853027},{"id":"https://openalex.org/keywords/alternative-data","display_name":"alternative data","score":0.8820000290870667},{"id":"https://openalex.org/keywords/digital-public-infrastructure","display_name":"digital public infrastructure","score":0.9639999866485596},{"id":"https://openalex.org/keywords/credit-scoring","display_name":"credit scoring","score":0.8090000152587891},{"id":"https://openalex.org/keywords/artificial-intelligence-in-lending","display_name":"artificial intelligence in lending","score":0.781000018119812},{"id":"https://openalex.org/keywords/information-asymmetry","display_name":"information asymmetry","score":0.7289999723434448},{"id":"https://openalex.org/keywords/access-to-credit","display_name":"access to credit","score":0.4880000054836273},{"id":"https://openalex.org/keywords/financial-exclusion","display_name":"financial exclusion","score":0.6669999957084656},{"id":"https://openalex.org/keywords/data-privacy","display_name":"data privacy","score":0.8349999785423279},{"id":"https://openalex.org/keywords/algorithmic-bias","display_name":"algorithmic bias","score":0.9660000205039978},{"id":"https://openalex.org/keywords/digital-technology-adoption","display_name":"digital technology adoption","score":0.5820000171661377}],"concepts":[{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.628600001335144},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.5889999866485596},{"id":"https://openalex.org/C145097563","wikidata":"https://www.wikidata.org/wiki/Q1148747","display_name":"Payment","level":2,"score":0.5619999766349792},{"id":"https://openalex.org/C75949130","wikidata":"https://www.wikidata.org/wiki/Q848010","display_name":"Database transaction","level":2,"score":0.4275999963283539},{"id":"https://openalex.org/C139043278","wikidata":"https://www.wikidata.org/wiki/Q837171","display_name":"Financial services","level":2,"score":0.42660000920295715},{"id":"https://openalex.org/C98965940","wikidata":"https://www.wikidata.org/wiki/Q877496","display_name":"Transaction cost","level":2,"score":0.4262000024318695},{"id":"https://openalex.org/C540431452","wikidata":"https://www.wikidata.org/wiki/Q16319025","display_name":"FinTech","level":3,"score":0.4185999929904938},{"id":"https://openalex.org/C31348098","wikidata":"https://www.wikidata.org/wiki/Q3423719","display_name":"Credit enhancement","level":4,"score":0.41519999504089355},{"id":"https://openalex.org/C164516710","wikidata":"https://www.wikidata.org/wiki/Q1166072","display_name":"Financial transaction","level":3,"score":0.37770000100135803},{"id":"https://openalex.org/C121017731","wikidata":"https://www.wikidata.org/wiki/Q11661","display_name":"Information technology","level":2,"score":0.37040001153945923},{"id":"https://openalex.org/C2780082420","wikidata":"https://www.wikidata.org/wiki/Q4672483","display_name":"Access to finance","level":2,"score":0.33640000224113464},{"id":"https://openalex.org/C24308983","wikidata":"https://www.wikidata.org/wiki/Q5183781","display_name":"Credit reference","level":3,"score":0.3334999978542328},{"id":"https://openalex.org/C68842666","wikidata":"https://www.wikidata.org/wiki/Q1070699","display_name":"Credit history","level":2,"score":0.3228999972343445},{"id":"https://openalex.org/C2777264242","wikidata":"https://www.wikidata.org/wiki/Q959950","display_name":"XBRL","level":2,"score":0.32179999351501465},{"id":"https://openalex.org/C125706105","wikidata":"https://www.wikidata.org/wiki/Q1137418","display_name":"Disintermediation","level":2,"score":0.3165000081062317},{"id":"https://openalex.org/C28129649","wikidata":"https://www.wikidata.org/wiki/Q926217","display_name":"Microfinance","level":2,"score":0.3149999976158142},{"id":"https://openalex.org/C65146658","wikidata":"https://www.wikidata.org/wiki/Q1416431","display_name":"Financial intermediary","level":2,"score":0.31360000371932983},{"id":"https://openalex.org/C2778430866","wikidata":"https://www.wikidata.org/wiki/Q3061848","display_name":"Unbanked","level":4,"score":0.3068000078201294},{"id":"https://openalex.org/C185822510","wikidata":"https://www.wikidata.org/wiki/Q1956140","display_name":"Payment service provider","level":3,"score":0.30169999599456787},{"id":"https://openalex.org/C48879800","wikidata":"https://www.wikidata.org/wiki/Q622439","display_name":"Small and medium-sized enterprises","level":2,"score":0.2955000102519989},{"id":"https://openalex.org/C31652620","wikidata":"https://www.wikidata.org/wiki/Q1047251","display_name":"Information infrastructure","level":3,"score":0.28450000286102295},{"id":"https://openalex.org/C64089585","wikidata":"https://www.wikidata.org/wiki/Q944235","display_name":"Informal sector","level":2,"score":0.2840999960899353},{"id":"https://openalex.org/C121955636","wikidata":"https://www.wikidata.org/wiki/Q4116214","display_name":"Accounting","level":1,"score":0.2786000072956085},{"id":"https://openalex.org/C2983355114","wikidata":"https://www.wikidata.org/wiki/Q161380","display_name":"Credit card","level":3,"score":0.2750000059604645},{"id":"https://openalex.org/C2777064627","wikidata":"https://www.wikidata.org/wiki/Q3151423","display_name":"Financial innovation","level":2,"score":0.26460000872612},{"id":"https://openalex.org/C203043789","wikidata":"https://www.wikidata.org/wiki/Q138461","display_name":"Digital economy","level":2,"score":0.26109999418258667},{"id":"https://openalex.org/C2779251847","wikidata":"https://www.wikidata.org/wiki/Q60852","display_name":"Financial inclusion","level":3,"score":0.2581000030040741},{"id":"https://openalex.org/C109986646","wikidata":"https://www.wikidata.org/wiki/Q546113","display_name":"Public policy","level":2,"score":0.25600001215934753},{"id":"https://openalex.org/C2778137473","wikidata":"https://www.wikidata.org/wiki/Q1787079","display_name":"Credit rationing","level":3,"score":0.2549000084400177},{"id":"https://openalex.org/C162853370","wikidata":"https://www.wikidata.org/wiki/Q39809","display_name":"Marketing","level":1,"score":0.25369998812675476},{"id":"https://openalex.org/C207267971","wikidata":"https://www.wikidata.org/wiki/Q120208","display_name":"Emerging technologies","level":2,"score":0.25130000710487366}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.48175/ijarsct-40567","doi":"https://doi.org/10.48175/ijarsct-40567","is_oa":true,"landing_page_url":"https://doi.org/10.48175/ijarsct-40567","pdf_url":"https://doi.org/10.48175/ijarsct-40567","source":{"id":"https://openalex.org/S4210201094","display_name":"International Journal of Advanced Research in Science Communication and Technology","issn_l":"2581-9429","issn":["2581-9429"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/P4376906117","host_organization_name":"Shivkrupa Publication's","host_organization_lineage":["https://openalex.org/P4376906117"],"host_organization_lineage_names":["Shivkrupa Publication's"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"International Journal of Advanced Research in Science Communication and Technology","raw_type":"journal-article"}],"best_oa_location":{"id":"doi:10.48175/ijarsct-40567","doi":"https://doi.org/10.48175/ijarsct-40567","is_oa":true,"landing_page_url":"https://doi.org/10.48175/ijarsct-40567","pdf_url":"https://doi.org/10.48175/ijarsct-40567","source":{"id":"https://openalex.org/S4210201094","display_name":"International Journal of Advanced Research in Science Communication and Technology","issn_l":"2581-9429","issn":["2581-9429"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/P4376906117","host_organization_name":"Shivkrupa Publication's","host_organization_lineage":["https://openalex.org/P4376906117"],"host_organization_lineage_names":["Shivkrupa Publication's"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"International Journal of Advanced Research in Science Communication and Technology","raw_type":"journal-article"},"sustainable_development_goals":[{"id":"https://metadata.un.org/sdg/9","score":1.0,"display_name":"Industry, innovation and infrastructure"},{"id":"https://metadata.un.org/sdg/8","score":0.7825999855995178,"display_name":"Decent work and economic growth"}],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":true,"grobid_xml":true},"content_urls":{"pdf":"https://content.openalex.org/works/W7225434655.pdf","grobid_xml":"https://content.openalex.org/works/W7225434655.grobid-xml"},"referenced_works_count":16,"referenced_works":["https://openalex.org/W1970041141","https://openalex.org/W2005294649","https://openalex.org/W2032305868","https://openalex.org/W2508676625","https://openalex.org/W2794772509","https://openalex.org/W3021074122","https://openalex.org/W3121292947","https://openalex.org/W4206546522","https://openalex.org/W4323666491","https://openalex.org/W4366605681","https://openalex.org/W4396639952","https://openalex.org/W4400266080","https://openalex.org/W4400658524","https://openalex.org/W4400996013","https://openalex.org/W4410579442","https://openalex.org/W7105508560"],"related_works":["https://openalex.org/W7203895970","https://openalex.org/W7155040759","https://openalex.org/W4414713646","https://openalex.org/W7222784086","https://openalex.org/W7213455549","https://openalex.org/W7223169675","https://openalex.org/W7128518823","https://openalex.org/W7212365755","https://openalex.org/W7204194856","https://openalex.org/W7155064878"],"abstract_inverted_index":{"Micro,":[0],"Small":[1],"and":[2,21,33,44,57,72,88,146,173,190,199,220,249,268,294,312,322],"Medium":[3],"Enterprises":[4],"(MSMEs)":[5],"play":[6],"a":[7,37,182,280],"crucial":[8],"role":[9,112],"in":[10,69,117,124,152,201,259,326],"India's":[11],"economic":[12,23],"development":[13],"by":[14,305],"contributing":[15],"to":[16,31,96,106,155,209,212,233,301],"employment":[17],"generation,":[18],"entrepreneurship,":[19],"innovation":[20],"inclusive":[22,313],"growth.":[24],"Despite":[25],"their":[26,237],"significant":[27,256],"contribution,":[28],"limited":[29],"access":[30,154],"formal":[32,119,270],"affordable":[34],"credit":[35,48,59,120,138,149,235,265,271,292],"remains":[36],"major":[38],"challenge":[39],"for":[40,283,317],"MSMEs,":[41],"particularly":[42],"small":[43],"emerging":[45,196],"enterprises.":[46],"Traditional":[47],"assessment":[49,172,266,293],"mechanisms":[50,151,267,316],"largely":[51],"depend":[52],"on":[53,110,181,240],"collateral,":[54],"financial":[55,115,164,221,289,320],"statements":[56],"established":[58],"histories,":[60],"often":[61],"restricting":[62],"the":[63,70,78,98,111,129,175,193,231,274,285,302,307,319],"financing":[64,100,296,315],"opportunities":[65,95],"of":[66,81,113,132,177,185,309,324],"enterprises":[67],"operating":[68],"informal":[71],"semi-formal":[73],"sectors.":[74],"In":[75],"this":[76],"context,":[77],"rapid":[79],"evolution":[80],"Financial":[82],"Technology":[83],"(FinTech),":[84],"digital":[85,133,143,163,218,241,261,288],"payment":[86,262],"systems":[87],"Digital":[89],"Public":[90],"Infrastructure":[91],"has":[92],"created":[93],"new":[94],"transform":[97],"MSME":[99,203,276,295],"ecosystem.":[101],"The":[102,158,223,253,298],"present":[103],"study":[104,159,254],"aims":[105],"review":[107,184,224],"existing":[108,303],"literature":[109,304],"FinTech-enabled":[114],"services":[116],"improving":[118],"accessibility":[121],"among":[122],"MSMEs":[123,325],"India.":[125],"It":[126,278],"specifically":[127],"examines":[128],"potential":[130,232],"contribution":[131],"transaction":[134],"records,":[135],"alternative":[136,264],"data-based":[137],"assessment,":[139],"Account":[140],"Aggregator":[141],"frameworks,":[142],"lending":[144,178],"platforms":[145],"Artificial":[147],"Intelligence-based":[148],"scoring":[150],"facilitating":[153],"institutional":[156],"finance.":[157],"further":[160],"explores":[161],"how":[162],"information":[165,168],"can":[166],"reduce":[167],"asymmetry,":[169],"enhance":[170],"creditworthiness":[171],"improve":[174,234],"efficiency":[176],"decisions.":[179],"Based":[180],"thematic":[183],"twenty":[186],"selected":[187],"research":[188,257],"studies":[189],"academic":[191],"contributions,":[192],"paper":[194,299],"identifies":[195,255],"opportunities,":[197],"challenges":[198],"developments":[200],"technology-driven":[202],"financing.":[204],"Particular":[205],"attention":[206],"is":[207],"given":[208],"issues":[210],"relating":[211],"data":[213,243],"privacy,":[214],"cybersecurity,":[215],"algorithmic":[216],"bias,":[217],"infrastructure":[219],"exclusion.":[222],"highlights":[225],"that":[226],"although":[227],"FinTech":[228],"innovations":[229],"have":[230],"accessibility,":[236],"effectiveness":[238],"depends":[239],"adoption,":[242],"quality,":[244],"enterprise":[245],"formalisation,":[246],"lender":[247],"practices":[248],"appropriate":[250],"regulatory":[251],"safeguards.":[252],"gaps":[258],"integrating":[260],"data,":[263],"actual":[269],"outcomes":[272],"within":[273],"Indian":[275],"context.":[277],"proposes":[279],"conceptual":[281],"framework":[282],"understanding":[284],"relationship":[286],"between":[287],"infrastructure,":[290],"data-driven":[291],"outcomes.":[297],"contributes":[300],"highlighting":[306],"importance":[308],"responsible,":[310],"transparent":[311],"FinTech-based":[314],"strengthening":[318],"sustainability":[321],"growth":[323],"India..":[327]},"counts_by_year":[],"updated_date":"2026-11-10T11:39:43.021295","created_date":"2026-11-07T00:00:00"}
