ANALYSING THE SOCIO-ECONOMIC

IMPACT OF WOMEN'S
ENGAGEMENT WITH DIGITAL
PAYMENTS

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Chapter 1
Introduction
In recent years, the rapid proliferation of digital payment technologies has
transformed the way individuals and businesses conduct financial
transactions globally. This digital revolution has the potential to enhance
financial inclusion, improve efficiency, and spur economic growth.
However, amidst this digital transformation, it is essential to examine how
different demographic groups, particularly women, are impacted by and
engage with these technologies.

Women play a crucial role in the economy, yet they often face unique
challenges and barriers in accessing and utilizing financial services,
including digital payment platforms. Understanding the socio-economic
impact of women's engagement with digital payments is essential for
promoting gender equality, enhancing financial inclusion, and fostering
inclusive economic development.

This research seeks to analyze the complex interplay between gender

dynamics, socio-economic factors, and digital payment adoption among
women. By exploring the drivers, challenges, and outcomes of women's
participation in digital payment ecosystems, this study aims to uncover
insights that can inform policy interventions, business strategies, and
development initiatives.
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Through a comprehensive review of existing literature, coupled with
empirical analysis, this research endeavors to shed light on the following
key aspects:

1. The factors influencing women's adoption and usage patterns of digital

payment technologies.
2. The socio-economic implications of women's engagement with digital
payments, including their impact on financial inclusion, economic
empowerment, and overall well-being.
3. The effectiveness of existing policy interventions and initiatives aimed
at promoting womens

Overview

Innovations in the economy are always accompanied by patents for

technological upgrades. Nowadays, digital payments are commonplace in
all spheres of society. The advent of digital banking was made possible by
the rise and expansion of fintech businesses. There has been a noticeable
increase in size from March 2022 to 2015. 53.9% of Indians use online
payment methods, according to the RBI Financial Inclusion 2021 study.
It has been observed that India's unorganized sectors and street vendors
have begun accepting digital internet payments, demonstrating their

3
ability to cross international borders. This is only achievable by gaining
digital financial literacy.

The digitalization of online activities, which affects socioeconomic

behavior in rural and semi-urban areas as well, is mostly attributed to
banks and non-banking financial institutions. The enhanced entry of
fintech companies necessitates greater proficiency and efficacy in
managing data misuse, phishing, hacking, and financial behavioral
concerns including overuse of credit cards, consumer credit, or loans.

Indian society has always been dominated by men, but in the twenty-first
century, women have become an important component of the community.
In the world, women make up 82.7% of the 86.3% total literate
population; in India, women make up 62.8% of the 72% literate
population.

Women are leading the charge in earning a living and securing jobs. In
India, it is now commonly acknowledged and understood that women
must work in order to support their families' financial requirements,
alleviate their own poverty, and meet their psychological needs in order
to meet their social and economic needs. There is a great deal of gender
inequality in the workplace when it comes to benefits like pay scales and
promotions. Gender equality is necessary to increase men's and women's

4
equal opportunities through laws, regulations, and public discourse,
allowing women's voices to be heard.

Importance of the Study

One of the goals under the fifth Sustainable Development Goal on gender
equality is economic empowerment of women, and financial inclusion is
essential to accomplishing this goal. Approximately 25% of women in
India do not have access to a bank account. Despite the fact that the
nation's financial inclusion initiatives have raised the proportion of
women with bank account access, there are still significant disparities in
account usage, savings availability, and credit availability.

For a variety of reasons, including living distance from a bank branch,

needing assistance to open and manage a bank account, and being more
likely to lack identification or a cell phone, women continue to encounter
barriers to obtaining financial services. In this succinct analysis, the
barriers to financial inclusion for women in India are outlined, and the
potential for digital services to help provide solutions is explored.

By providing opportunities for income generation, asset accumulation,

and increased participation in economic activities, access to financial

5
services promotes both social and economic empowerment. In addition to
providing resilience against shocks like the COVID-19 epidemic,
financial inclusion also addressed the necessity of guaranteeing that the
poorest communities had access to formal financial services.

Financial inclusion is an essential goal, especially for women. According

to research, women's authority over household resources is positively
impacted by financial inclusion because it increases their savings.
However, obstacles prevent women from receiving financial services on
a global scale. According to data from the Global Findex Database 2021,
women and the poor are more likely to live distant from a bank branch,
lack a mobile phone or identity verification, and require assistance
opening and using a bank account.

Problem of the Study

The rapid expansion of digital payment platforms has the potential to

significantly impact the socio-economic landscape, particularly
concerning women's engagement. However, despite increasing adoption,
there remains a gap in understanding the nuanced effects of women's
involvement with digital payments. Therefore, the following problem

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statement frames a study to analyze the socio-economic impact of
women's engagement with digital payments:-

1. To what extent do women actively engage with digital payment

platforms compared to traditional financial methods?
2. What socio-economic factors influence women's adoption and usage
of digital payment technologies?
3. How do digital payments contribute to women's financial inclusion,
economic empowerment, and access to resources?
4. What are the barriers and challenges faced by women in utilizing
digital payment platforms, and how do these vary across different
socio-economic contexts?
5. What are the potential socio-cultural implications of women's
increased participation in digital payment ecosystems?
6. How do government policies, financial regulations, and
technological advancements shape women's engagement with
digital payments?

Need & Significance

Understanding the socio-economic impact of women's engagement with

digital payments is crucial for informing policy interventions, financial
literacy programs, and technology design aimed at promoting gender
equality and financial inclusion.

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By identifying barriers, challenges, and opportunities, this study seeks to
contribute valuable insights to policymakers, development practitioners,
and businesses seeking to harness the potential of digital payments to
empower women and foster inclusive economic growth.

Statement of the problem

The statement of the problem in analyzing the socio-economic impact of

women's engagement with digital payments involves investigating the
multifaceted effects of women's adoption and utilization of digital
payment technologies on various aspects of society and the economy. This
includes examining how digital payment methods influence women's
financial inclusion, economic empowerment, access to markets and
resources, as well as their participation in formal financial systems.

Additionally, the analysis should explore potential socio-cultural

implications, such as shifts in gender dynamics, empowerment of
marginalized communities, and changes in traditional banking practices.
Understanding these impacts is crucial for policymakers, financial
institutions, and development organizations to design effective strategies
that promote gender equality, financial inclusion, and sustainable
economic development.

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Operational Defintion

Analyzing the socio-economic impact of women's engagement with

digital payment involves examining how women's use of digital payment
methods affects various aspects of society and the economy. This includes
studying the effects on women themselves, their families, communities,
and the broader economy.

Here's a detailed explanation:

1. Women's Empowerment: Assessing how digital payment methods

empower women by providing them with financial independence and
control over their finances. This includes looking at whether digital
payments enable women to access banking services, manage their money
more efficiently, and participate more actively in economic activities.
2. Financial Inclusion: Examining whether digital payment platforms
help increase women's access to financial services, especially those who
are traditionally underserved or excluded from the formal banking system.
This involves analyzing the extent to which digital payments facilitate
savings, access to credit, and insurance for women.
3. *Economic Participation*: Investigating how women's engagement
with digital payments influences their participation in the formal
economy. This includes studying whether digital payments enable women

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to start and grow businesses, access markets, and engage in e-commerce
and other income-generating activities.
4. Social Impact: Understanding how digital payment adoption among
women affects social dynamics within families and communities. This
involves examining changes in household decision-making, gender roles,
and women's social status as a result of their increased financial inclusion
and economic participation.
5. Financial Literacy and Digital Skills: Assessing the role of digital
payment initiatives in enhancing women's financial literacy and digital
skills. This includes studying whether women are provided with the
necessary training and support to effectively use digital payment
platforms and understand their financial implications.
6. Barriers and Challenges: Identifying barriers and challenges that
hinder women's engagement with digital payments, such as lack of access
to technology, internet connectivity, financial literacy, and cultural norms.
Understanding these obstacles is essential for designing effective policies
and interventions to promote women's inclusion in the digital economy.

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Chapter 2
Review of Literature
• Abdul Azeez &S.M.Jawed Akhtar(2021),
The study have revealed about digital financial literacy and how it can
bring overall development in the rural areas where still significant
proportion of population is unable to digitally transact. Their study also
has focused on various determinants that will assist in future to
understand and analyze the importance of digital financial literacy and
its importance in financial inclusion of the system. The factors covered
under their canopy are socio- economic and demographic factors.
Digital financial awareness, Digital financial skill and knowledge,
digital financial behavior and attitude are the focused magnitudes of
digital financial literacy.

• DR. Varsha Agarwal, Shresth Poddar, Sahil J Karnavat (2020):

The article “A Study On Growth Of Mobile Banking In India During
Covid-19” is an attempt to study the effect of Covid-19 on the
mobile banking services, to understand the shift from physical
banking transactions to mobile banking transactions during Covid-
19, to study how m-banking can promote social distancing Policies.

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• Ameer, R. & Khan, R. (2020) has conducted a study among the
adults in New Zealand with regard to the association between the
financial socialization and financial literacy with financial behavior
and the results revealed that a positive association exists between
education and finance. Adult male as compared to adult female have
shown higher financial literacy and financial confidence in
managing the personal finance.

• Nisha Tony, Kavitha Desai (2020), impact of Digital Financial

literacy on Digital Financial Inclusion addresses the issue of low
digital financial literacy that perseveres in 5th largest economy of
the world. The foremost intention of the study is to lay emphasis on
on digital financial literacy and its effect on digital financial
inclusion.

• Sumit Saini (2019), as per his findings Digitalization is another

pillar of growth of Indian Economy. Digitalization is the Resonance
of modern India. He had also concentrated on the notion of
Demonetization and how the Indian economy was transformed into
cashless transaction while implementing the practice of
digitalization in all the prominent sectors of the economy.
Government of India has made changes in the financial sector so
that people can understand every aspect of digital financial literacy.

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 This will develop keen interest of the people to understand the
awareness and access to the digital financial literacy.

• Kothari (2018) in an article said “Many people still don't trust

electronic payments. Because they don't trust the Internet and the
alleged security threats, some people don't yet feel secure using this.
The perception that someone else has access to their bank account
stops them to use the new payment system”.

• Singh (2017) concluded that there is a significant difference

between consumer education and the adoption of digital payments.
Consumer perceptions of digital payments have had a positive and
significant impact on the adoption of digital payments among
consumers.

• Gokilavani et al., (2018) concluded that half of consumers have

moderate level of perception towards digital payment. Significant
difference exits between perception of consumers towards digital
payment and their socioeconomic status. The superiority, efficiency,
safe and secured, convenient, cost and time savings, user friendly,
easiness and protection of privacy of digital payment have positive
and significant influence on the rate of adoption of digital payment
of consumers.

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• S. Kowsalya et al. (2017) stated that the online payment system
enhances the online merchant or service provider to make payments
to the customers. Customers are getting more and more at ease when
transacting online, but they are also concerned about carrying out
electronic business transactions and the hazards associated, which
are crucial to the shift to electronic commerce.

• Rathore (2016) stated that payment with adigital wallet is very

convenient for consumers when buying goods via the Internet
without physically moving to different places

• Rouibah (2015) showed that poor security, lack of trust, fear of

failure, high fees, and poor awareness were the main obstacles
affecting electronic payments. In addition, the features of Internet
security, banking services, confidentiality and quality of services
also influenced the adoption of electronic payments.

• Bhabha et.al (2014) had conducted study relating to the factors

affecting the attitude of working women towards their savings and
investment. The study reached to a conclusion that women have
less knowledge about finance services and product. It was also
pointed out that employed women were only aware of depositing

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 their savings into the bank due to their ignorance of investment
into the financial market

• Rakesh H M & Ramya T J (2014) in their research paper titled “A

Study on Factors Influencing Consumer Adoption of Internet
Banking in India” tried to examine the factors that influence internet
banking adoption. It is found that internet banking is influenced by
its perceived reliability, Perceived ease of use and Perceived
usefulness. In the process of internet banking services expert should
emphasize the benefits its adoption provides and awareness can also
be improved to attract consumers‟ attention to internet banking
services.

• Kartikeya Bolar (2014) In his research paper “End-user

Acceptance of Technology Interface In Transaction Based
Environment“ stated that Creators and investors of technology need
information about the customers evaluation of their technology
interface based on the features and various quality dimensions to
make strategic decisions in improving technology interfaces and
compete on various quality dimensions.

• Nitsure (2014) in his paper observed that the problem being faced
by developing countries like India in the adoption of E-banking

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 initiatives due to low dissemination of Information Technology. The
paper highlighted the problems such as security concerns, rules,
regulation and management. In India there is a major risk of the
emergence of a digital split as the poor are excluded from the
internet and so from the financial system.

• Dean Roy Nash (2012) describes his research, as financial literacy

just about understanding the conceptual meaning of finance. As per
his findings, financial literacy in India has set a benchmark not only
in financial system but also in policy and demographic trends in
India. Financial literacy programs should be introduced in the
syllabus of the future generations because it will cost nothing
but will be beneficial for difference

• Kamala Sankaran (2011) pointed out in gender equality to

improve the equal opportunity for men and women through
legislation, policies and social dialogue so that the women voice can
be heard.

• Goldsmith & Goldsmith (2006) alleged that females are not as

much of financially literate as males, are having very few
knowledge in managing money. More over females were less

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 inclined to seek out financial knowledge, and are less confident in
their ability to handle money.

• Chen & Volpe (2002), conducted research similar studies on

people’s financial literacy and it has been found out that females
typically possess less financial knowledge than males. Females
learn about their financial knowledge from their parents, and have
less understanding than males. Females financial decisions are
influenced by their husbands and parents comments.

Research Gap
The research gap in analyzing the socio-economic impact of women's
engagement with digital payment methods lies in the need for
comprehensive studies that delve into the nuanced factors influencing
women's adoption and usage patterns, as well as the subsequent socio-
economic outcomes. Currently, while there is some research exploring
women's participation in digital payment ecosystems, there is a lack of in-
depth understanding regarding the specific challenges, barriers, and
opportunities faced by women in different socio-economic contexts.

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One aspect that requires further exploration is the intersectionality of
gender with other socio-economic factors such as income level, education,
geographical location, and cultural norms. These factors can significantly
influence women's access to and utilization of digital payment
technologies. For instance, women in rural areas or from low-income
households may encounter different obstacles compared to their urban or
wealthier counterparts.

Moreover, understanding the socio-economic impact of women's

engagement with digital payments requires longitudinal studies that track
changes over time. This could include assessing how women's
participation in digital payment ecosystems affects their financial
inclusion, economic empowerment, access to markets, control over
financial resources, and overall well-being. Such studies would provide
valuable insights into the long-term implications of digital payment
adoption for women and their communities.

Additionally, there is a need for research that evaluates the effectiveness

of policy interventions and initiatives aimed at promoting women's
inclusion in digital financial services. This could involve analyzing the
impact of targeted programs such as financial literacy campaigns,
subsidized access to mobile phones or internet services, and the
development of gender-sensitive digital payment platforms.

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Overall, bridging this research gap requires a multidisciplinary approach
that combines insights from economics, sociology, gender studies, and
technology studies. By addressing these knowledge gaps, researchers can
provide evidence-based recommendations for policymakers, financial
service providers, and development practitioners to design more inclusive
and gender-responsive digital payment ecosystems.

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Chapter 3
Research Methodology

Objectives
1. To measure the socio-economic impact of women actively participating
in digital payment ecosystems.

2. To explore the relationship between increased digital payment usage

and factors such as financial independence and economic empowerment
among women in Kanpur Nagar.

Nature of Study -
The proposed study is descriptive in nature, and it will examine a number
of performance-related and problem-related factors pertaining to women
engagement in online payment. The nature of the study involves
employing qualitative and quantitative research methodologies to analyze
the socio-economic impact of women's engagement with digital payment
in their communities.

Scope of Study
Promoting women's engagement with digital payment systems is an
essential endeavor with far-reaching implications for financial inclusion,
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gender equality, and economic development. The scope of study in this
area encompasses various dimensions, including:

Barriers Analysis: Understanding the specific challenges and barriers

that prevent women from adopting digital payment solutions. This may
include cultural norms, lack of access to technology, financial literacy
gaps, security concerns, and regulatory hurdles.

Technology Accessibility and Literacy: Assessing women's access to

smartphones, internet connectivity, and digital literacy skills.
Investigating how user-friendly digital payment platforms are for women,
particularly in regions where literacy rates may be lower or where there
are linguistic barriers.

Financial Inclusion Impact: Exploring the impact of digital payment

adoption on women's financial inclusion. This includes studying how
access to digital financial services can empower women economically,
enable savings, increase control over financial resources, and facilitate
entrepreneurship.

Policy and Regulatory Environment: Analyzing the regulatory

landscape to identify policies that either facilitate or hinder women's
participation in digital payments. This could involve examining

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regulations related to identification requirements, Know Your Customer
(KYC) processes, consumer protection, and privacy laws.

Gender-Responsive Product Design: Evaluating the design of digital

payment products and services to ensure they meet the unique needs and
preferences of women. This includes considerations such as user interface
design, language options, privacy features, and customer support
mechanisms.

Universe and samples-

Universe - Universe is any group of individuals that have one or more

characteristics in common and that are in interest of researcher. It refers
to any collection of specified group of human beings or of non human
entities such as objects, educational institutions, time units, geographical
areas, prices of commodities, salary of an individual etc.

In this project universe is taken as womens of India

Sample - In research term sample is a group of people, objects, or items

that are taken from a larger population for measurement. The sample

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should be representative of the universe to ensure that we can generalize
the findings from the research sample to the universe as a whole.
In this project sample is taken as the womens of Kanpur nagar.

Method of data collection -

Primary and secondary sources will be used to gather pertinent data for
both quantitative and qualitative analysis.

Primary data: Primary data refers to information collected directly from

original sources through methods such as observation, experimentation,
surveys, or interviews. It is the data which is recorded for the first time.

In this report primary data is taken from the best tool i.e questionnaire.

Statistics and tools -

The data gathered from primary and secondary sources will be presented
using graphs, tables, and descriptive analyses using fundamental
statistical tools like mean, coefficient of variation (CV), standard
deviation (S.D.), and percentage, in accordance with the goals of the
proposed study.

23
Chapter 4

Data Analysis and Interpretation

In this Project, Primary data related to" Analysing the socio-Economic

Impact of Women's engagement with digital payments in Kanpur Nagar
"

Analyzed the the interpreted with help of the pie chart, and Column
chart based on the data Collected from a Questionnaire.

Data analyzed by following given below point's related to the Analysing

the socio-Economic. Impact of women's engagement with digital
payment:

The data was analyzed through a Questionnaire prepared and circulated

among the people. in Kanpur Nagar,

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1. Gender

Respondents(%)

26%

74%

Female Male

➢ This chart shows the Gender of respondents

➢ 74.2 % of the respondents are female.
➢ 25.8 % of the respondents are male.

25
2. Age

Resondents
4% 0%

11%

19%

66%

18-25 26-35 36-45 46-55 56 and above

➢ This chart shows the age of the respondents

➢ 65.7 % of the respondents are of 18-25
➢ 18.6 % of the respondents are of 26-35.
➢ 11.4 % of the respondents are of 36-45.

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3. Occupation of the respondent

Respondents
4%
4% 12%

10%

20%

50%

gov emploee private emloyee student self employed unemployed other

➢ This chart shows the occupation of the respondents

➢ 50% % of the respondents are Student
➢ 20 % of the respondents are in Private Sector
➢ 10% of the respondents are self employed.
➢ 11.4 % of the respondents are government employee.

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4. Income of the respondents

RESPONDENTS
upto 10000 10001-25000 25001-50000 above 50001

14%

10%

59%

17%

➢ This chart shows the income of the respondents

➢ 58.6 % of the respondents are upto 1 lakh
➢ 17.1% of the respondents are in 1 lakh- 2 lakh
➢ 10 % of the respondents are of 2-5 lakh

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5. Education qualification of respondents

RESPONDENTS
less than high school high school bachelor degree master's degree doctorate other

9% 4%

1%
16%

31%

39%

➢ This chart shows the Educational qualification of the respondents

➢ 38.6 % of the respondents have bachelors degree
➢ 31.4 % of the respondents have master degree
➢ 15.7 % of the respondents have high school diploma

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6. Marital status of respondents

RESPONDENTS
unmarried married Single student

2% 2%

22%

74%

➢ This chart shows the martial status of the respondents

➢ 70.5 % of the respondents are unmarried
➢ 13.6 % of the respondents are married

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Digital Payment Usage
1. Degree of frequent use of digital payment

RESPONDENTS
Daily Rarely monthly never weekly

1%
12%

27%

30%

30%

➢ This chart shows the frequent use of Digital Payment

➢ 27.1 % of the respondents use daily.
➢ 30 % of the respondents use rarely.
➢ 30 % of the respondents use monthly.

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2. Use of which digital payment mode:-

RESPONDENTS
debit card UPI Internet Banking Other

9% 4%

17%

70%

➢ This chart shows the frequent use of which Digital mode

➢ 70% % of the respondents use UPI.
➢ 17.1 % of the respondents use Internet Banking.
➢ 8.6 % of the respondents use other mode.

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3. How satisfied are respondents with the convenience of digital
payments in Kanpur Nagar

RESPONDENTS
Satisfied Neutral Vary satisfied dissatisfied very dissatisfied

19%

39%

8%

7%

27%

➢ This chart shows the satisfaction level with convenience of digital

payments .
➢ 38.6% of the respondents are satisfied
➢ 28.8 % of the respondents are neutral.
➢ 18.6 % of the respondent are very dissatisfied

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Socio-Economic Impact
1. Feedback of respondents on changing the financial management.

RESPONDENTS
Improved Remained Same worsened

6%

27%

67%

➢ This chart show how respondents think on financial management

➢ 67.1% think that yes it is improved
➢ 27.1 % think that it has remained same.
➢ 5.7% think that it has worsened.

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2. Feedback of respondents that they feel more financially empowered
?

RESPONDENTS
Financially empowered Not financialy empowered

18%

82%

➢ This chart how respondents feel that they are financially

empowered.
➢ 81.4 % feel that they are financially empowered.
➢ 18.6 % feel that they are not financially empowered.

35
3. Feedback of respondents that they believe that digital payment made
easier to access financial services?

RESPONDENTS
Easier not made easier

24%

76%

➢ This chart shows Feedback of respondents that they believe that

digital payment made easier to access financial services.
➢ 75.7 % feel that yes it made easier .
➢ 24.3 % feel that no it did not made easier.

36
4. Feedback of respondent in increasing saving

RESPONDENTS
Yes No

44%

56%

➢ This chart shows Feedback of respondent in increasing saving

➢ 56 % feel that it increased saving.
➢ 44 % feel that it did not increased saving .

37
Factors of empowerment
1. Feedback of respondents that digital payment increases factors of
empowerment ?

RESPONDENTS
Yes No

24%

76%

➢ This chart shows how respondents think that digital payment

increases factor of empowerment.
➢ 76 % think yes it improves
➢ 24% think it does not improve

38
2. Increase economic activity

RESPONDENTS
Yes No

27%

73%

• This chart shows that how digital payment increase economic

activity.
• 72.9% think that yes it increase whereas 27.1 % think it does not
increase

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3. Increase financial literacy

RESPONDENTS
Yes No

31%

69%

• This chart shows that how digital payment increase financial literacy
• 68.6% think that yes it increase whereas 31.4 % think it does not
increase

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4. Face any challenges

RESPONDENTS
Yes No

40%

60%

• This chart shows that in adopting digital payment respondents face

challenges or not.
• 60% face challenges whereas 40 % does not face.

41
Relationship with empowerment

1. Increase economic empowerment

RESPONDENTS
Yes No

20%

80%

• This chart shows that how digital payment increase economic

empowement.
• 80% think that yes it increase whereas 20 % think it does not
increase.

42
2. Economic independence to womans

RESPONDENTS
Positive negative neutral

11%

13%

76%

This chart shows that how digital payment increase Economic

independence to women
• 75.7% think that yes it is in positive approach whereas 12.9 % think
it is in negative.

43
3. Confident in managing finance

RESPONDENTS
Yes No

17%

83%

• This chart shows that how digital payment increase Confident in

managing finance
• 82.9% think that yes it increase whereas 17.1 % think it does not
increase.

44
4. Bridge gander Gap

RESPONDENTS
Yes No

30%

70%

• This chart shows that how digital payment in help in bridging gender
gap .
• 70% think that yes it is whereas 30 % think it does not .

45
Future Prospectives

1. Government should introduce more initiative

RESPONDENTS
Yes No

21%

79%

• This chart shows that what respondents think of future prospect in

part of government
• 78.6% think that yes gov. has to introduce more initiative whereas
21.4 % think there is no need.

46
2. Using of digital payment in future

RESPONDENTS
very likely likeky neutal unlikely

3%

14%

42%

41%

• This chart shows that how often use of digital payment in future
• 80% are in favour whereas 20 % are not

47
3. Growth of digital payment in next 5 year.

RESPONDENTS
Yes No

13%

87%

• This chart shows that there is growth of digital payment in 5 years

• 87.1% think that yes it increase whereas 12.9 % think it does not
increase.

48
 4. Satisfaction with financial institution in promoting digital payment

RESPONDENTS
very satisfied satisfied neutral dissatisfied veery dissatisfied

3%0%

16%

34%

47%

This chart shows the Satisfaction with financial institution in promoting

digital payment

➢ 81 % of the respondents are satisfied.

➢ 15.7 % of the respondents are neutral.
➢ 2.9 % of the respondents are dissatisfied.

49
Chapter 5
Observations and Findings

➢ Most of the respondents are Female.

➢ Most of the respondents are of 18-25 age.
➢ Most of the respondents are student and private company employee.
➢ Most of the respondents have the Educational qualification – high
school, bachelor degree, masters.
➢ Most of the respondents are unmarried.
➢ Most of the respondent’s income is less than 10000
➢ Most of the respondents feel that Digital payment are increasing
financially empowered.
➢ Most of the respondents believe that digital payment made easier to
access financial services.
➢ Most of the respondents are in favour that Digital payment
increasing saving
➢ Most of the respondents are in favour that Digital payment
increasing economic activity.
➢ Most of the respondents are in favour that Digital payment
increasing financial literacy.
➢ Most of the respondents are in favour that Digital payment
increasing economic empowerment

50
 ➢ Most of the respondents are in favour that Digital payment
increasing Economic independence to women
➢ Most of the respondents are in favour that digital payment in help in
bridging gender gap .
➢ Most of the respondents are in favour that digital payment is often
use of digital payment in future
➢ Most of the respondents are in favour that d there is growth of digital
payment in 5 years
➢ Most of the respondents are satisfied that digital payment with
financial institution in promoting digital payment

Conclusion

After analyzing the socio-economic impact of women's engagement with

digital payments, it is evident that such involvement yields multifaceted
benefits. The following conclusions can be drawn from the analysis:

1. Financial Inclusion: Women's engagement with digital payments

plays a crucial role in enhancing financial inclusion. By providing
access to formal financial services, digital payment platforms empower
women, particularly those in underserved communities or rural areas,
to participate more actively in economic activities.

51
2. Empowerment: Digital payment systems contribute significantly to
women's economic empowerment by providing them with greater
control over their finances. With the ability to conduct transactions
independently, women can manage their savings, make purchases, and
invest in various ventures, thereby enhancing their economic
autonomy.
3. Efficiency and Convenience: Digital payments offer a more efficient
and convenient alternative to traditional cash transactions. Women,
especially those balancing multiple responsibilities such as work,
household chores, and caregiving, benefit from the time-saving aspect
of digital transactions, allowing them to allocate their time more
effectively.
4. Security: Digital payment platforms often incorporate robust security
measures, mitigating the risks associated with carrying cash. This
aspect is particularly beneficial for women who may face security
concerns while handling physical currency, especially in regions with
high crime rates or instances of theft.
5. Access to Markets: Engaging with digital payments expands women's
access to markets beyond their immediate vicinity. Through e-
commerce platforms and online marketplaces, women can sell goods
and services globally, tapping into broader consumer bases and
economic opportunities.

52
6. Data-driven Insights: Digital payment systems generate valuable data
that can be utilized to understand consumer behavior, preferences, and
spending patterns. By leveraging this data, policymakers and financial
institutions can design targeted interventions and financial products
tailored to the specific needs of women, thereby fostering inclusive
economic growth.
7. Challenges and Barriers: Despite the evident benefits, several
challenges and barriers persist, hindering women's full participation in
digital payment ecosystems. These challenges include limited access
to technology, digital literacy gaps, cultural norms, and concerns
regarding privacy and security. Addressing these barriers is essential to
ensure that the benefits of digital payments are inclusive and accessible
to all women.
8.

Suggestions

Here are some suggestions on how to conduct such an analysis:

1. Evaluate whether digital payment platforms enable women to access

formal financial services, build savings, access credit, or participate in
the formal economy.
2. Examine whether women using digital payment services experience
increased control over their finances, enhanced ability to make

53
 financial decisions, or greater opportunities for income generation and
entrepreneurship.
3. Compare the time and effort required for traditional cash transactions
versus digital transactions, and assess whether digital payments
facilitate smoother financial management and transactions for women,
particularly those balancing multiple responsibilities.
4. Evaluate the security and privacy implications of women's engagement
with digital payments.
5. Explore how digital payments enable women to access markets and
economic opportunities.
6. Identify policy interventions or regulatory frameworks that can
promote gender-sensitive digital payment solutions, address barriers to
women's access and usage of these services, and maximize the socio-
economic benefits for women.
7. Assess the long-term socio-economic impact of women's engagement
with digital payments.
8. Conducting a comparative analysis to understand how the socio-
economic impact of women's engagement with digital payments varies
across different contexts, regions, or socio-economic groups. Identify
lessons learned and best practices that can inform strategies for
promoting gender-inclusive digital financial ecosystems.

54
Limitations

1. One of the primary limitations is the availability and quality of data.

In many regions, especially in developing countries, data on women's
usage of digital payment platforms may be scarce or unreliable..
2. : The digital gender divide, wherein women have lower access to and
proficiency in digital technologies compared to men, poses a
significant limitation.
3. Women who are already economically empowered or have higher
levels of education may be overrepresented in surveys or studies, while
those facing greater socio-economic challenges may be
underrepresented. This can affect the generalizability of findings.
4. Women may provide socially desirable responses or inaccurately recall
their usage patterns, leading to an overestimation or underestimation of
the actual impact of digital payments on their socio-economic status.
5. The socio-economic impact of women's engagement with digital
payments is influenced by various contextual factors, including
cultural norms, legal frameworks, and infrastructural constraints.
6. Many studies focus on short-term outcomes and may not capture the
long-term socio-economic impact of women's engagement with digital
payments.

55
Future Scope of the study
There is a vast future scope for this topic as to strengthen our economy
we have to give all freedom and support to womens and we have to change
all limitations and weakness into opportunities.

• Analyzing the policy implications of women's engagement to promote

gender-responsive policies and regulatory frameworks. This could
involve assessing the effectiveness of existing policies, identifying gaps
and areas for improvement, and advocating for policy changes that
enhance women's access to and usage of digital payment platforms.

• Exploring the role of technological innovations, such as blockchain,

artificial intelligence, and biometric authentication, in addressing barriers
to women's engagement with digital payments and unlocking new
opportunities for financial inclusion and empowerment. Research could
focus on evaluating the impact of these innovations on women's access,
security, and usability of digital payment services.

• Investigating strategies for building women's digital literacy, financial

literacy, and entrepreneurial skills to enhance their participation in digital
payment ecosystems. This could involve designing and implementing
targeted training programs, educational initiatives, and awareness
campaigns tailored to the specific needs of women from diverse
backgrounds.

56
• : Fostering cross-sector collaboration between governments, financial
institutions, technology companies, civil society organizations, and
academia to address the complex socio-economic challenges related to
women's engagement with digital payments. Collaborative efforts could
involve co-designing inclusive digital payment solutions, sharing best
practices, and scaling successful interventions.

• : Exploring opportunities for impact investing and innovative financing

mechanisms to support initiatives aimed at promoting women's financial
inclusion and empowerment through digital payments. Impact investors
could play a crucial role in funding scalable and sustainable solutions that
generate positive social and economic returns for women and their
communities.

• : Conducting comparative studies across different regions and countries

to identify cross-cultural variations, best practices, and lessons learned in
promoting women's engagement with digital payments. Comparative
analyses could highlight contextual factors that influence the
effectiveness of interventions and inform tailored strategies for diverse
socio-economic context

57
Appendix
Bibliography

• Abdul Azeez &S.M.Jawed Akhtar(2021),overall development in the

rural areas.
• Nisha Tony, Kavitha Desai (2020), impact of Digital Financial
literacy on Digital Payment
• Kothari (2018) “Many people still don't trust electronic payments.
• Gokilavani et al., (2018) level of perception towards digital payment
• Singh (2017) “There is a significant difference between consumer
education and the adoption of digital payments”
• S. Kowsalya et al. (2017) stated that the online payment system
enhances the online merchant or service provider to make payments to
the customers
• Bhabha et.al (2014) “factors affecting the attitude of working women
towards their savings and investment”.
• Rakesh H M & Ramya T J (2014) “A Study on Factors Influencing
Consumer Adoption of Internet Banking in India”
• Kartikeya Bolar (2014) “End-user Acceptance of Technology
Interface In Transaction Based Environment“
• Kamala Sankaran (2011) “Gender equality to improve the equal
opportunity for men and women”
58
• Chen & Volpe (2002), “Study on people’s financial literacy”
www.researchgate.net
www.mdpi.com
www.academia.edu
www.business.yougov.com
www.marketlinks.org
www.unwomen.org
www.sciencedirect.com

Books
➢ Digital Payment in India by Jaspal Singh
➢ Virtual Banking by Dan Sachht
➢ Research Methodology by C.R Kothari
➢ Craft of Research by Wayne C
➢ Handbook of research methodology by Shanti Bhusan

59
 ANALYSING THE SOCIO-
ECONOMIC IMPACT OF WOMEN'S
ENGAGEMENT WITH DIGITAL
PAYMENTS IN KANPUR NAGAR
A
Project submitted to
B.A Final (6 Sem)

To
C.S.J.M UNIVERSITY, KANPUR
2023-24

SUPERVISOR
Dr. Vivek Singh
Associate Professor
Deptt. of Economics
P.P.N (PG) College, Kanpur
CANDIDATE
Aishwarya Kashyap
B.A ( Final) sem- 6
Roll No- 21181025274
Enrollment No.- CSJMA21001198222
Dr. Vivek Singh Deptt. of Economics
Associate Professor P.P.N. P.G. College

CERTIFICATE

This is to certify that Aishwarya Kashyap , a regular student of

B.A. Final (6 Semester), of P.P.N. College, Kanpur (C.S.J.M.
University, Kanpur) during the session 2023-24 Roll No.-
21181025274 offered a project work for 6th semester. She has
completed her work entitled “ANALYSING THE SOCIO-
ECONOMIC IMPACT OF WOMEN'S ENGAGEMENT WITH
DIGITAL PAYMENTS IN KANPUR NAGAR ” under my
guidance.

She did all work under my supervision; it is the original work

of the candidate itself.

PLACE:-

DATE:- DR. VIVEK SINGH

 ACKNOWLEDGEMENT

I would like to express my special thanks of gratitude to DR.

VIVEK SINGH, Associate Professor (Department of
Economics) P.P.N. COLLEGE, KANPUR for his valuable
support, consistent guidance and timely advice which encouraged
and motivated me in completing this.

I would also take an opportunity to thank Prof. Vandana

Dwivedi (Head, Dept. of Economics), Dr. Alaka Asthana and
Dr. Lalit Maurya, Neha Savita (Guest Faculty) for their
support and guidance which help me with various analytical areas
of my study.

At last, I sincerely thank my parents for their extended support

which helped me to complete this work and diligence, and due
sincerity.

PLACE:- Researcher-
DATE:- (Aishwarya Kashyap)
B.A. Final (6 Semester)
P.P.N. PG College,
Kanpur
 PREFACE
In recent years, the world has witnessed a transformative shift towards
digitalization in various aspects of daily life, including financial
transactions. This shift holds immense potential to reshape socio-
economic landscapes, particularly concerning gender equality and
financial inclusion. As societies increasingly embrace digital payment
technologies, it becomes imperative to explore their impact through a
gender lens, recognizing the unique challenges and opportunities faced by
women in accessing and utilizing these platforms.

This preface introduces a comprehensive study aimed at analyzing the

socio-economic impact of women's engagement with digital payments.
By delving into this critical intersection of gender, technology, and
finance, this study seeks to uncover nuanced insights that can inform
policy interventions, empower women, and foster inclusive economic
development.

The journey of understanding women's engagement with digital payments

is a multifaceted one, marked by complexities influenced by socio-
cultural norms, economic structures, and technological advancements.
Through rigorous research and analysis, this study endeavors to unravel
these complexities, shedding light on both the barriers that hinder
women's participation and the opportunities that digital payments present
for enhancing their socio-economic well-being.
Drawing upon a mixed-methods approach encompassing quantitative
surveys and qualitative interviews, this study aims to capture the diverse
experiences, perspectives, and realities of women across different socio-
economic contexts. By triangulating data from multiple sources, we aspire
to construct a holistic understanding of the socio-economic impact of
women's engagement with digital payments, from enhancing financial
inclusion to fostering economic empowerment and challenging gender
norms.

As we embark on this research endeavor, it is essential to acknowledge

the collaborative efforts of stakeholders, including policymakers,
financial institutions, civil society organizations, and most importantly,
the women whose experiences and voices drive this inquiry. By centering
their experiences and amplifying their voices, we strive to ensure that our
findings are not only academically rigorous but also grounded in the lived
realities of those whose lives are impacted by the digital revolution in
finance.
 INDEx
❖ Chapter 1………………………………………..Page No.(1-10)
• Introduction
• ( Overview, Importance , Problem of the study, Need and
Significance, Statement of the problem, Operational
Definition)

❖ Chapter 2………………………………………Page No.(11-19)

• Review of Literature
• Research Gap

❖ Chapter 3………………………………………..Page No.(20-23)

• Research Methodology
• ( Objective, Research Question, Nature of the Study,
Scope of Research, Universe and Sampling, Methods of
Data collection, Tools and Techniques)

❖ Chapter 4…………………………………………Page No.(24-49)

• Data analysis and Interpretation
❖ Chapter 5………………………………………..Page No.(50-57)
• Observation and Findings
• Conclusion
• Suggestions
• Limitations
• Future scope of the study
❖Bibliography