ENHANCEMENT OF FINANCIAL LITERACY THROUGH GAMIFICATION IN FINTECH: A COMPARATIVE ANALYSIS BETWEEN PAKISTAN AND OTHER DEVELOPING COUNTRIES

Abstract

This research examines the potential of using gamification in fintech to improve financial literacy in Pakistan, comparing it to other developing countries. The study analysed ten peer-reviewed articles as its methodology to compare financial literacy levels and the use of gamification across Pakistan, Thailand, Vietnam, and India. It provides an overview showing relatively low financial literacy in Pakistan (under 30%) compared to Thailand (around 50%), India (around 40%), and Vietnam (35%). The paper analyses the implementation and effectiveness of gamification in fintech applications across these nations. In Pakistan, early gamification initiatives in mobile banking apps show positive impacts on user engagement, financial behaviour, and literacy. Similar findings are reported from studies in Thailand using gamified financial activities, in Vietnam with gamified mobile wallets, and in India through gamified digital payment education programs. Across contexts, gamification enhanced user engagement, promoted better money management habits, and increased accessibility in rural areas lacking formal education. Reward mechanisms emerged as crucial, with immediate gratification incentives proving more effective than delayed rewards for sustaining engagement. Four key themes were identified: user engagement, behaviour change, educational impact, and reward mechanisms.