Women in the age group of 18-34 years have outnumbered men in adoption of mobile wallets during the last one year, according to a report.
Millennial women are using mobile wallets to spend more on day-to-day needs like petrol, milk and offline retail.
Interestingly, Mumbai tops the Indian cities with maximum number of women users at 38% followed by Delhi (35%), according to mobile wallet firm MobiKwik, whose total user base has doubled to 65 million in the last 12 months.
The number of millennial women, particularly from the megapolis and metropolis, has seen a quadruple jump during the same period to 24 million.
The share of millennial women, especially the working women born after 1980, in MobiKwik's total user base has risen to 37% from 22% 12 months ago, company's co-founder Upasana Taku said in a statement.
In absolute terms, MobiKwik's millennial women user base has grown about 70% of total users in the last one year.
"Women account for 85% of all consumer purchases and the value of the female dollar is rising. Millennial women — those between the ages of 18 and 34 — represent a significant piece of that spending power," Taku said.
More and more millennial women have embraced mobile wallets in their daily lives in the past one year as compared to their male counterparts, challenging the long-held notion that technology is a man's domain, according to consumer data available with MobiKwik.
"Ease of financial transaction and growing inclination to adopt technology in normal life has contributed to the increasing success of digitisation and less cash economy, Taku said.
MobiKwik has recently raised Rs 225 crore from NBFC Bajaj Finserv. The company has also recently tied up with Bajaj Finserv, BSNL and IndusInd to expand product base and ensure a virtual banking experience to users which has helped it reach out to 260 million users.
E-PURSE STRINGS
- MobiKwik has recently raised Rs 225 crore from NBFC Bajaj Finserv
- It has recently tied up with Bajaj Finserv, BSNL and IndusInd to expand product base and ensure a virtual banking experience
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