Role of Technology in Financial Inclusion at the Bottom of the Economic Pyramid – With Reference to India and Other Brics Nations

We explore the role of technology in facilitating financial inclusion at the bottom of the economic pyramid (BoP). In the Indian context, the relevance of Aadhaar cards in including the financially excluded is critically examined. We compare the financial indicators of BRICS nations. We analyse the variance between and within indicators of financial inclusion in BRICS nations. We prove that there is significant difference between ownership of bank accounts and hence inclusion, between the bottom of the economic pyramid (40%) and the mainstream population in BRICS countries. To provide an insight into the financial inclusion levels, we quantify financial inclusion levels using the index for financial inclusion (IFI) methodology for the BRICS countries for the year 2011. We investigate the role of technology in financial inclusion in the Indian context by unearthing the penetration level of Aadhaar cards in the Indian subcontinent.