Women in India have been rapidly increasing their participation in the digital economy. This growth is evident in the fact that the percentage of women conducting digital transactions has doubled from 14% in financial year 2013–14 to 28% the fiscal 2020–21.
While online transactions done by men too have grown in the period —from 30% to 41% — the increase in those carried out by women outpaced the corresponding growth.
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These were some of the findings highlighted by Crisil Intelligence's report titled 'From savings to wealth creation: Women taking charge of investments'.
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Some reasons that may be attributed to this trend are increased tech-savviness of women, easier e-KYC processes, greater contribution from rural women, and increased mobile internet adoption.
Tech-Savvy Women
Women in India are becoming increasingly comfortable with technology, which makes them more likely to adopt digital transactions.
Simplification Of e-KYC
The simplification of the electronic know-your-customer process has made it easier for women to access digital payment platforms. This, in turn, facilitates their entry into the formal financial sector.
Rural Contribution
The increase in digital payments is not restricted to urban areas. Women in rural areas are also contributing to this growth.
Increased Mobile Internet Use
There has been a notable increase in mobile internet adoption among women, rising from 30% in 2022 to 37% in 2023. The study noted that with increased connectivity, about 200 million women could use digital payment methods.
And, the study believes that as they get more comfortable with online transactions and with greater connectivity, there is a possibility that more women will begin to invest in mutual funds as a way to diversify their investments.
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