• Mr. Ata ur Rahman
• Dr. Khaleeq ur Raheman

While digital financial inclusion is a global priority, India's rapid scale and unique model offer a critical case study. Existing literature often describes India's progress in silos, lacking a holistic framework that explains the dynamic interplay between its core components. This study employs an ecosystem perspective to analyze India's digital finance journey from 2015-2024. Through a longitudinal analysis of secondary data from the RBI, NPCI, and World Bank, we conceptualize the "India Stack" not merely as infrastructure, but as a synergistic triad of policy (Jan Dhan), identity (Aadhaar), and technology (UPI). Our findings reveal that this interoperable, public-good architecture has driven unprecedented growth, with UPI transactions surging from 1 billion to 131 billion, and facilitated significant economic formalization. However, we identify an "Inclusion-Vulnerability Paradox": the very speed of adoption has exacerbated challenges like the rural-urban digital divide, financial literacy gaps, and new cybersecurity risks for low-income users. The study contributes a novel ecosystem framework to the financial inclusion discourse, arguing that India’s model demonstrates the necessity of balancing technological scale with robust social and regulatory safeguards to achieve sustainable inclusion. The insights provide critical lessons for emerging economies on architecting inclusive digital finance ecosystems

Digital Financial Inclusion, Fintech Ecosystem, UPI, India Stack, Jan Dhan-Aadhaar-Mobile Trinity, Digital Divide, Financial Literacy

"AN ECOSYSTEM PERSPECTIVE ON DIGITAL FINANCIAL INCLUSION IN INDIA: ANALYZING THE INTERPLAY OF POLICY, TECHNOLOGY AND ADOPTION", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.12, Issue 10, page no.b424-b426, October-2025, Available :http://www.jetir.org/papers/JETIR2510158.pdf

"AN ECOSYSTEM PERSPECTIVE ON DIGITAL FINANCIAL INCLUSION IN INDIA: ANALYZING THE INTERPLAY OF POLICY, TECHNOLOGY AND ADOPTION", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.12, Issue 10, page no. ppb424-b426, October-2025, Available at : http://www.jetir.org/papers/JETIR2510158.pdf