By comparing the situation with financial inclusion in developing and developed countries we look at the notion of ‘new financially excluded’. There seems to be a growing evidence that the implementation of new technologies that was seen as a universal cure for financial exclusion backfires for some social groups who cannot keep up with the pace of fintech. This means that traditional ‘more technology-more inclusion’ approach does not always work, and financial inclusion policies shall be amended to include the propositions on digital literacy and access to cash as well.