Digital by Default? A Critical Review of Age-Driven Inequalities in Payment Innovation

Ida Claudia Panetta (), Elaheh Anjomrouz, Paola Paiardini and Sabrina Leo
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Ida Claudia Panetta: Department of Management, Sapienza—University of Rome, 00186 Rome, Italy
Elaheh Anjomrouz: Department of Management, Sapienza—University of Rome, 00186 Rome, Italy
Paola Paiardini: Department of Management, Sapienza—University of Rome, 00186 Rome, Italy
Sabrina Leo: Department of Management, Sapienza—University of Rome, 00186 Rome, Italy

JRFM, 2025, vol. 18, issue 6, 1-28

Abstract: This paper offers a systematic literature review of age-related disparities in the adoption of digital payment systems, a phenomenon that is becoming increasingly relevant as financial transactions become predominantly digital. Using the SPAR-4-SLR protocol, 66 scholarly contributions published between 2014 and 2024 are examined and categorised into four thematic clusters: demographic determinants, behavioural drivers, structural barriers linked to the grey digital divide, and emerging insights from neurofinance. The review highlights a multifactorial set of barriers that limit older adults’ engagement with digital payments, including usability challenges, cognitive and physical limitations, digital skill gaps, and perceived security risks. These obstacles are further amplified by structural inequalities such as socio-economic status, geographic location, and infrastructural constraints. While digital payments are often presented as tools of inclusion, the findings underscore the risk of exclusion for ageing populations without tailored design and policy interventions. The review also identifies areas for further research, particularly at the intersection of ageing, cognitive function, and human–technology interaction, proposing a research agenda that supports more inclusive and age-responsive financial innovation.

Keywords: digital payments; ageing population; fintech inclusion; technology adoption; grey digital divide; elderly users; systematic literature review; financial technology; digital literacy; neurofinance (search for similar items in EconPapers)
JEL-codes: C E F2 F3 G (search for similar items in EconPapers)
Date: 2025
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