A huge quantity of ladies are at present utilizing digital payments and lots of more are probably to go cashless in the future, according to YouGov’s newest survey on ladies and payment modes.
As per the survey, close to two-thirds of urban Indian ladies (67%) use digital modes of payment on a common basis. Almost as lots of use money (64%), but slightly lesser make payments via cards (54%). In comparison to these mediums, significantly less than a third (30%) use world wide web banking for transactional purposes.
Digital payments have been extensively accepted by the folks of India ever due to the fact demonetization occurred in the nation. The pandemic accelerated the adoption of this mode of payment, not just in India but across the globe.
The information shows that amongst these who use digital payments modes, more than six in ten ladies (64%) use it on a common basis but for one in 5 ladies (21%) it is the go to mode and they only make payments via this medium. Slightly more than a fifth (22% each and every) have lately began utilizing it in the course of the pandemic whilst one more fifth (22%) use it only in the absence of money or cards. One in seven (14%) use it sometimes.
Convenience stands as the most significant purpose amongst ladies for utilizing digital payment modes – at 81%. Rewards such a cashbacks, promotional delivers, and so forth., are the second most well known purpose for utilizing it (70%). Apart from these a huge majority of ladies use digital payment modes for the reason that they allow them to hold a record of their payments (68%), whilst lots of other use them for the reason that they think about them protected and trustworthy (51%) and due to their wide-scale acceptance in the marketplace as a payment technique (46%).
When it comes to usage, most ladies mentioned they use digital payments for mobile recharges (89%). Three- fourths use it for transactions associated to delivery services (77%) and payment of utility bills (76%).
Shopping bills (69%), fund transfers (62%), travel & leisure bookings (50%) and toll payments (32%) are the other places exactly where ladies use digital payment modes.
When asked about the most preferred apps for digital transactions, Google Pay emerged as the prime selection amongst females in India (43%), followed by Paytm (30%). The other apps like PhonePe, Amazon Pay and BHIM are far behind in terms of their recognition amongst Indian ladies (13%, 10% and 3%, respectively). However, amongst generations, it is intriguing to note that Gen Z is more probably to use PhonePe whilst Gen X prefers Amazon Pay or BHIM.
Looking ahead in the future, nearly eight in ten (78%) ladies expressed their likeliness to go fully cashless.
Profiles information suggests that a common female digital payment app user in India is young, with 3 in one ladies (31%) falling in the age bracket of 30-39 years.
Compared to the national urban population, they are more probably to be married (53% vs 38% nat rep), reside in tier-1 cities (48% vs 35% nat rep) and a huge proportion of them work complete time (44% vs 35%).
They are prudent with their finances (84%) and look for lucrative strategies to invest their revenue (81%), but the willingness to take dangers with revenue (35%) is slightly reduced for this group of ladies. They are great at saving revenue and locate the concept of debt stressful (77% and 73%, respectively).
When it comes to on-demand services, YouTube (67%), Amazon Prime (43%), Hotstar (41%) and Netflix (38%) are the most consistently sought-right after streaming services by them.
If a brand is attempting to attain this group of females, marketing requirements to be focused about their likes and dislikes, and beliefs, as this will resonate more with them.
Talking about the survey benefits, Deepa Bhatia, General Manager, YouGov India, mentioned, “YouGov’s data shows that a substantial proportion of urban Indian women use digital payment apps and many more are likely to go completely cashless in the future. This makes them a lucrative group for those in the business of digital payment solutions. Therefore, understanding audience demographics and sentiments is key for brands looking to target this highly engaged group of consumers.”