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 mobile wallet firm MobiKwik, while its total user base has doubled to 65 million in the last 12 months, the number of millennial women as users, particularly from the metros, has jumped four times to touch 24 million.
As a result, the share of millennial women, especially working women born after 1980, in MobiKwik’s total user base has risen to 37% from 22% in the 12-month period. “Women account for a whopping 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,” MobiKwik co-founder Upasana Taku said, adding that ease of financial transaction and growing inclination to adopt technology in normal life has contributed to the increasing success of digitisation.
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 women users at 38% followed by Delhi with 35%. For marketers, millennials have emerged as the most important generation as they are fast outgrowing the original spenders—baby boomers, those born between 1954 and 1964. As Baby Boomers move closer to retirement, they will take with them close to $400 billion in annual spending. Therefore, retailers are scrambling to secure the loyalty of the millennial tech-savvy and fast-paced crowd, which spends $600 billion a year, said MobiKwik. MobiKwik attributes this shift to ease of digital transactions through mobile wallets as it offers the convenience that millennials prefer. The company has already tied up with Bajaj Finserv, BSNL and IndusInd to expand its product base and ensure a virtual banking experience to users and plans to do more such partnerships to enhance consumer experience.