This systematic review explores the role of mobile payments in enhancing financial inclusion across various regions. After reviewing 60 articles, the study identifies critical variables affecting the adoption of mobile payments including perceived benefits, ease of use, risk, social effect, trust, demographic, and economic factors. The study’s findings reveal that mobile banking can effectively increase financial inclusion by providing low-cost and accessible financial services, especially to financially excluded people. Despite the various benefits of mobile payments, multiple technological, infrastructural, educational, and security-related barriers hinder the widespread adoption of mobile payments. The study suggests numerous measures such as empowering the customers, encouraging digital literacy, and spreading awareness among the masses to overcome the barriers. In addition to identifying research gaps for further investigations, this study helps comprehend current research on mobile payments and financial inclusion.