A Study of Indian Woman's Acceptance of Digital Financial Transactions With Specific Surveyof Woman in Education Field

Volume 7, Issue 9, September – 2022 International Journal of Innovative Science and Research Technology
ISSN No:-2456-2165
A Study of Indian Woman’s Acceptance of

Digital Financial Transactions with Specific
Survey of Woman in Education Field
Dr. (CA) Shubhada Apte, CA Rajul Murudkar,
Sanskar Sarjan Education Society’s D.T.S.S. Research scholar, Sanskar Sarjan Education Society’s
College ofCommerce, Research guide. D.T.S.S.College of Commerce,
University of Mumbai.
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
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ISSN No:-2456-2165
III. RESEARCH METHODOLOGY been referred to understand the latest information about the
subject.
We requested fifty women teachers who are employed
with various colleges to fill the structured questionnaire and the  Analysis:
responses were collected. The same were analyzed by using Respondents’ Profile: Total 50 women teachers from
SPSS statisticaltools. Various secondary data sources have also various colleges from various locations wereapproached to get
been referred to for the purpose of this study. Secondary data the response to the structured questionnaire.
sources such as news articles, news reports, RBI site etc. have
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
Fig 1:- 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.

ISSN No:-2456-2165
Consolidated table showing women teachers’ preference of mode of payment for variousfinancial transactions:
Netbanking – Cheque / E- Aadhaar

RTGS Debit Cash demand Credit wallets / UPI BHIM Enabled Response
Sr. No. Statement / NEFT card draft card digital Payment Summary
/ IMPS wallets System
(AEPS)
Shopping from
1 onlinesites 3 22 2 0 3 6 13 1 0 Debit card
2 Utility bill 9 16 0 2 2 7 13 1 0 Debit card
payments
Grocery,
vegetablesetc.
3 from local vendor 2 11 14 0 1 8 13 1 0 Cash
High value
transactionslike
4 buying 4 24 3 2 12 3 2 0 0 Debit card
refrigerater,TV,
AC etc.
Payment for public
5 transport 2 4 28 0 2 8 6 0 0
Cash
Movie ticket
6 booking 1 18 10 0 3 10 7 1 0 Debit card
Table 2:- women teachers’ preference of mode of payment for variousfinancial transactions
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.
Frequency of usingdigital Advantages of electronic payments give response on a scaleof1 Total

modes of payment Agree Disagree Neither Stronglyagree Stronglydisagree
disagree noragree
Less frequent 3 1 1 6 2 13
More frequent 7 0 0 27 3 37
Total 10 1 1 33 5 50
Table 3:- Analysis for frequency of digital payments Vs Advantage over time
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.
Frequency of usingdigital Advantages of electronic payments (convenience) Total

modes of payment Agree Disagree Neither Strongly agree Stronglydisagree
disagree noragree
Less frequent 2 1 3 4 3 13
More frequent 10 1 2 22 2 37
Total 12 2 5 26 5 50
Table 5:- Frequency of digital Payment Vs Advantage over convenience

ISSN No:-2456-2165
Chi-Square Tests
Value df Asymp. Sig.(2-
sided)
Pearson Chi-Square 8.633a 4 0.070
Likelihood Ratio 7.935 4 .094
N of Valid Cases 50
Table 6:- Chi-Square Tests
As p value is 0.070 we accept null hypothesis, hence the frequency of digital payment andconvenience are independent variables.
Fig 2:- Frequency of using Digital Modes of Payment
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:

ISSN No:-2456-2165
Above table shows that the female teachers have strongly agreed in the majority cases, and find digital mode of transactions
suitable over manual transactions in terms of the benefits they offer. Only in case of auto debit instructions for utility bill payments, we
have received neutral responsefrom the target group of respondents.
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
Fig 3:- Bar Chart
IV. CONCLUSION employment, self-employed and home makers. Also

comparison can be made by involving women from different
The target respondents were asked about the most areas to check their awareness and usage.
preferred option out of the given set of alternatives like UPI,
RTGS, NEFT, debit and credit card, Bhim, AEPS, cash and REFERENCES
cheque and theirchoice was analyzed. It has been observed that
women teachers prefer UPI and debit card but giventhe choice [1]. https://www.business-standard.com/article/current-
they will still vote for the cash option. When we compared the affairs/india-leads-the-world-in-real-time-digital-
list of benefits, we foundthe agreement from the respondents payments-says-pm-modi-
towards the benefits. Further, the location wise response 122081500622_1.html#:~:text=Digital%20payments%20
deferred. Women staying in Mumbai area were found better have%20grown%20in,January
versed with the usage of digital options as compared to those [2]. %202021%2C%20reflects%20this%20milestone.
staying in Ratnagiri and Thane. There is further scope available [3]. http://cashlessindia.gov.in/digital_payment_methods.htm
to study the women associated with different category of l

ISSN No:-2456-2165
[4]. https://www.pinelabs.com/blog/top-factors-driving-the-
growth-of-digital-payments-in-india
[5]. https://www.ibef.org/research/case-study/digital-
payments-and-their-impact-on-the- indian-economy
[6]. https://www.rbi.org.in/
[7]. https://www.betterthancash.org/news/digital-payments-
can-empower-women
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[9]. Zhao (2022), The effect of digital finance on Residents'
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Volume 7, Issue 9, September – 2022 International Journal of Innovative Science and Research Technology

A Study of Indian Woman’s Acceptance of

IJISRT22SEP580 www.ijisrt.com 1360

Fig 1:- Preference of Transaction Mode

IJISRT22SEP580 www.ijisrt.com 1361

Netbanking – Cheque / E- Aadhaar

Frequency of usingdigital Advantages of electronic payments give response on a scaleof1 Total

Frequency of usingdigital Advantages of electronic payments (convenience) Total

IJISRT22SEP580 www.ijisrt.com 1362

Fig 2:- Frequency of using Digital Modes of Payment

IJISRT22SEP580 www.ijisrt.com 1363

Fig 3:- Bar Chart

IV. CONCLUSION employment, self-employed and home makers. Also

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IJISRT22SEP580 www.ijisrt.com 1365

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