AUTHOR
EDITORIAL
TEAM
Aug
30
2019
AUTHOR
EDITORIAL
TEAM
Aug
30
2019
Money Matters

41% of Indian Urban Women Use Apps for Financial Transactions

41% of Indian Urban Women Use Apps for Financial Transactions

You can send and receive money instantly these days, thanks to a myriad of apps, however, people are still skeptical about making financial transactions online in spite of their advent in India. However, a survey conducted by InstaReM revealed that two out of three women in urban areas use apps for financial transactions, which means that a majority of women are confident with online transactions. 

Most women use them to shop online

While almost 100 percent of urban citizens use smartphones in this day and age, some people still don't have faith in online transactions however, the survey stated that 37 percent of women using the apps downloaded it for their own convenience and moreover, they did not seek out help from anyone for guidance. Also, 71 percent of women are very comfortable spending Rs 1,000 to Rs 10,000 even in a single transaction, while only 7 percent of them did not hesitate to make transactions that exceded five-digit amounts. Although women mostly used such apps for the purposes of online shopping, only 9 percent used it for advanced transactions asset management and wealth management on their mobile apps. Hence, it seemed that women are not very pleased with such activities through apps. 

Did you know that only 40% of urban Indian women use smartphones?

Why is this the case? Cybersecurity, transparency, pervasiveness, and mindset issue was the three central problems that urban Indian women are facing. While others revealed that they found it a challenge to keep tabs on their sending habits, even though there are plenty of apps that do keep a track of how much money is being spent. However, there are no doubts that online transactions are gaining popularity in India, Internet and Mobile Association of India (IAMAI) said, "However, it must also be kept in mind that online financial transactions have witnessed a rise compared to previous years, and are one of the most promising of services for mobile internet in the coming days. In urban India, the percentage of women mobile internet users stands at 40 percent. In rural India, women mobile internet users are only 33 percent compared to 67 percent male users."

Image credit: Think with Google

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