The Role of FinTech Payments in Improving Student Financial Management: A Literature Review

Abstract

The rapid proliferation of financial technology FinTech payment systems has reshaped how individuals manage their financial resources, particularly among university students who represent one of the most digitally active demographic cohorts. This study aims to synthesize existing evidence on the role of FinTech payment solutions in improving student financial management practices. Employing a Systematic Literature Review (SLR) methodology, this research analyzed 30 peer-reviewed articles published between 2016 and 2024, sourced from Scopus, Web of Science, and Google Scholar, following the PRISMA protocol with predetermined inclusion and exclusion criteria. Findings indicate that FinTech payment platforms including digital wallets and mobile banking applications contribute to improved financial efficiency and expenditure visibility among student users. However, the frictionless nature of digital transactions also introduces risks of impulsive spending and digital overspending, particularly among students with limited financial literacy. The relationship between FinTechadoption and financial management quality is substantially mediated by individual financial literacy levels, digital infrastructure quality, and platform design features. This review identifies persistent gaps in the literature, including a scarcity of longitudinal designs, underrepresentation of non-Asian contexts, and limited qualitative investigation of student digital financial experiences. Findings carry practical implications for universities, FinTech developers, and policymakers seeking to leverage digital payment tools as instruments for improving student financial well-being.