Attitude of MSMEs Towards FinTech Payment Systems: An Empirical Study in Rohtak, Haryana

Abstract

FinTech, an abbreviation for Financial Technology, has rapidly transformed the delivery and usage of financial services worldwide, integrating technology to enhance accessibility, affordability and efficiency. With increasing consumer adoption and government initiatives like Aadhaar, UPI and digital platforms, India has emerged as a major Fin Tech hub. This study investigates the attitude of micro, small and medium enterprises (MSMEs) in Rohtak, Haryana toward Fin Tech payment systems. The research draws on primary data collected from 87 valid respondents, supplemented by secondary sources. Using statistical tools such as factor analysis, correlation, Kruskal-Wallis H Test and Mann-Whitney U Test, the study examines key variables like perception, risk and accessibility across demographics. Findings indicate a strong positive correlation (.411) between the number of FinTech platforms used and the number of weekly transactions. Users’ attitudes were generally favorable, but barriers such as poor internet access, technical issues, cybersecurity concerns and lack of awareness were noted. The paper concludes that addressing infrastructure gaps and enhancing trust can significantly increase Fin Tech adoption among MSMEs.