Unstacking India stack: evolution, architecture, and FinTech transformation through digital public infrastructure—a review and future research agendas

Purpose This paper aims to review India’s digital public infrastructure (DPI) and its role in shaping the broader financial technology (FinTech) ecosystem. The study synthesizes existing research, identifies key recurring themes, and examines how these themes interact within digital systems. In addition, it assesses the conceptual and empirical rigour and identifies future research directions within the DPI-FinTech domain. Design/methodology/approach The review adopts the theories, contexts, and methods (TCM) framework to organize prior studies. Thematic analysis is conducted to extract recurring patterns across the literature. To clarify overlaps among identified themes, a Venn mapping approach is used to identify the interconnections among key dimensions of DPI. The preferred reporting items for systematic reviews and meta-analyses (PRISMA) protocol governs the search, screening, eligibility, and inclusion stages. A total of 63 peer-reviewed articles, indexed in Scopus and Web of Science (WoS) between 2014 and 2025, are included. Findings Four dominant themes are identified: (i) digital infrastructure, (ii) FinTech innovation, (iii) financial inclusion, and (iv) governance. The findings show that DPI operates as a socio-economic ecosystem in which the integration of infrastructure, innovation, user behaviour and regulatory frameworks shapes outcomes. While DPI has enabled rapid financial access and innovation, issues such as the digital divide, data governance, trust, and unequal adoption persist. Practical implications The synthesis offers actionable insights for policymakers and FinTech developers (FinTech Devs) by highlighting strengths and unresolved challenges within India’s DPI ecosystem. The findings can inform better design choices, governance frameworks, and targeted policy interventions. Originality/value The study makes four original contributions to the literature. First, to the best of the authors’ knowledge, it is among the first studies to systematically combine the TCM framework with thematic intersection analysis to explain the interconnected nature of the DPI-FinTech ecosystem. Second, it provides an integrated Venn mapping framework showing how the themes interact. Third, it combines the PRISMA approach with the TCM framework, backed by a systematic coding scheme. Fourth, it identifies new research areas to broaden the scope of existing DPI-FinTech research.