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Culture Documents
A Study of Indian Woman's Acceptance of Digital Financial Transactions With Specific Surveyof Woman in Education Field
A Study of Indian Woman's Acceptance of Digital Financial Transactions With Specific Surveyof Woman in Education Field
ISSN No:-2456-2165
Abstract:- Finance and Technology together has produced functional during the pandemic but lot of hurdles like time limit,
several FinTech companies and increased the usage of waiting period, minimum staff and lot of fear in mind caused the
digital transactions over the period. India has followed the people to adopt to new methods for doing financial transactions.
advanced nations and now haswitnessed tremendous growth
in the usage of digital modes for doing financial transactions. II. CONCEPTUAL FRAMEWORK
Covid-19 pandemic and the resultant restrictions like social
distancing and the threat of spread of virus have led to more Usage of digital methods and performing financial
usage of digital modes over cash transactions. Before transactions require knowledge hence, only educated people
pandemic when Modi government announced digital India and those having access to electronic devices is the target
move the pace of usage was still on the lower side which got audience for this study.Further, it’s a normal observation that
a boost due to pandemic restrictions. Typically, Indian male members of the society are more active in terms of making
woman seem to be dependent upon her male counterpart or financial transactions and decisions associated with the same.
the male member of the family to do the financial Further, they are more exposed as compared to female members
transactions like investments or fund transfer etc. to the latest technology and electronic devices. That is the
Additionally, the residential location like rural or urban also reason why this study has concentrated on seeking the response
makes difference in terms of usage as the area has its own from women teachers.
challenges. This study uses primary data to check whether
educated and earning women believe in the usage of digital Digital methods – The electronic devices such as mobiles,
methods for financial transactions and agrees that these computers, laptops etc. along with net banking facility, digital
modes are beneficial. Also, whether the residential location wallets, Unified Payment Interface, mobile applications etc.
has any impact overthe usage. facilitate digital receipts or payments. Moreover, buying
apparels, house hold requirements, grocery etc. isalso possible
Keywords:- Location, Benefits of digital modes, Digital through these channels. Travel booking or even reserving
methods. movie tickets through electronic options have caught public
attention.
I. INTRODUCTION
Benefits of digital modes – The question arises is to why
Educated and employed people are assumed to have to use electronic or digital modes over traditional methods of
knowledge of financial transactions. Majority of them can making financial transactions. Are these options really
decide the distribution of savings and spending and effectively beneficial and how.This study tries to find out answers to these
use their earnings. Further, the technology can help to save time questions from women teachers. If educated and salaried class
and energy and the resources to implement the decisions. The of women prefer these options then definitely one can assume
objective of this study is to find out women teachers’ view it as a beneficial option.
towards the usage of technology in doing financial transactions.
Various questions like whether the women prefer digital Objectives:
methods to pay day to day requirements or they are still To check women teachers’ response towards the benefits of
dependent upon traditional currency. Further, the residential digital financial transactions.
location has any role to play in the choice of method would be To identify impact of residential location on the usage of
checked. Covid-19 pandemic and its restrictions on account of digital methods.
restricting the spread of virus require people to shift to digital
modes over traditional cash and cheque, as though banks were
Net
banking DEBIT CREDIT DIGIRAL BHIM Scale of
RTGS UPI CARD CASH CHEQUE/DD CARD WALLETS AEPS preference
NEFT
IMPS
High Debitcard
preferred 7 8 21 9 6 6 12 6 4
Low Credit card
preferred 7 4 2 10 12 13 6 8 10
Moderate
preferred 18 12 12 18 12 9 12 11 5 Cash
Very high
preferred 12 20 11 5 4 5 11 14 1 UPI
Very low
preferred 6 6 4 8 16 17 9 11 30 AEPS
Total 50 50 50 50 50 50 50 50 50
Table 1:- Consolidated Table for Preference of Transaction Mode
It has been observed that the respondents prefer UPI option the most followed by debit card for making electronic payments.
Whereas people still prefer cash which means target of complete cashless economy is still as dream. Further, credit card, though
advertised by the service providersthe most in terms of reward points, loans etc. the respondents have shown lower inclination towards
the same and AEPS looks like non preferred option for the respondents. It also shows thatthe female teachers need to be educated towards
digital wallets and mobile apps like BHIM and other net banking options since, the usage found minimal in those cases.
Various modern options like net banking, debit card, credit card, digital wallets, mobile apps, AEPS etc. were evaluated along
with the traditional options like cash and cheques. Overall response and the inclination has been found towards usage of debit card the
most and followed bycash.
Chi-Square Tests
Value df Asymp. Sig. (2-sided)
a
Pearson Chi-Square 7.333 4 .119
Likelihood Ratio 7.065 4 .132
N of Valid Cases 50
Table 4:- Chi-Square Tests
As the p Value is 0.119 we accept the null hypothesis that there is no significant between frequency of digital payment and
advantage over time.
As p value is 0.070 we accept null hypothesis, hence the frequency of digital payment andconvenience are independent variables.
Consolidated table showing the respondents’ approach towards benefits arising from usageof digital mode of transactions over
manual transactions:
Sr. No. ADVANTAGES OF ELECTRONIC Strongly Disagree Neither disagree Agree Strongly Average
PAYMENTS: disagree nor agree agree Response
1 Online payment saves time and energy 6 2 4 15 23 Strongly agree
2 Online payment provides reward points 4 2 16 17 11 Agree
3 Online payment avoids risk of theft 5 1 1 10 33 Strongly agree
of cash
4 Provides contactless service (e.g. 5 2 2 10 31 Strongly agree
pandemic, lockdown situation)
5 More transparency in the transaction 6 2 10 14 18 Strongly agree
6 Boosts cashlesseconomy 5 0 8 13 24 Stronglyagree
7 Convenient and 5 2 5 12 26 Stronglyagree
offers betterliquidity
8 Facilitates instantpayment 4 4 0 16 26 Stronglyagree
9 Lower transactioncharges 5 2 4 10 29 Stronglyagree
10 Auto debit instructions for utility bill 3 4 18 11 14 Neither disagree
payments help avoiding hassle of nor agree
tracking due dates
11 Digital financial transactions help toget 6 1 8 10 25 Stronglyagree
rid of maintaining
physical records
Table 7:- The respondents’ approach towards benefits arising from usageof digital mode of transactions over manual transactions:
Count
Frequency of using digital modes of payment Total
Less frequent More frequent
Mumbai City 2 8 10
MumbaiSuburbs 5 17 22
Location of working cotegorised Navi Mumbai 4 8 12
Ratnagiri 1 0 1
Thane 1 4 5
Total 13 37 50
Table 8:- Comparison of usage vis-à-vis location Crosstabulation