Women Prefer Cash And Aadhaar Pay As The Preferred Payment Method

It is a fact that women shop more than men all over the world. In India, the trend is exactly the same. We are not guessing as a recent survey proves this fact very well. The finding of the survey proves that women are the major buyer of goods in the retail market and their preferred payment mode is cash followed by Aadhaar pay. In order to conclude the unbiased behavior of women, 3,500 retail stores were selected to identify, analyze and assess the women’s behavior. The survey conducted clearly describes the financial transactions of women that around 65% prefer to use cash as a payment mode.

Aadhaar pay is the 2nd most used option while UPI QR codes and plastic cards are the least common methods ranging from 5 % to 15 %. Women frequently withdraw cash from ATMs (automated teller machines). On the other hand, daily expenses of groceries, mobile loads, and utility bill payments are also common transactions in women through retail touchpoints. The survey conducted by Fintech Services shows that around 76 % of women operate the bank account themselves while the remaining are dependent on their spouse. Women do not withdraw huge amounts from banks via cheque or ATM. The normal withdrawal amount is Rs 1000 to 2500. This is quite apparent behavior in young women aged between 20 to 40 years. This shows the saving and investment minds in young women especially for child’s education and investment in gold.

Aadhaar is a 12 digit identification number that has become a necessity for every type of gender. This is the document that can make difference in your life. Having an Aadhaar card means that you can easily enjoy various subsidies offered by the Union Government of India. There is an obvious reason behind the importance of Aadhaar which is demographic and biometric details. These two sets of details are the backbone of the entire UIDAI enrollment system.

Aadhaar is also being used as a major tool in accepting payments across the country. As around 92 % of the Indian population have been enrolled in UIDAI’s database, the government had introduced Aadhaar Pay to simply the buying and selling transactions. To understand the buying behavior of Indians, surveys are performed from time to time. It is always found that people prefer cash transactions. But lots of cash transaction often leads to tax notices, people have started to use Aadhaar Pay which is now the 2nd most commonly used payment method after cash. There are millions of stores and outlets across the country. People find it difficult to carry a huge amount of cash due to security issues as well as the problem of holding it. Keeping in view these problems in mind, stores and outlets now are now accepting Aadhaar pay. Customers seed their bank account with the Aadhaar number to start using Aadhaar pay. The merchant where people want to pay for goods purchased can provide their Aadhaar number and biometric to carry out the payment.