Mobile Banking is Changing the Way Women Manage Finances
Mobile banking is slowly becoming the most popular payment method in the country. In a country with over 18 million people using mobile banking and a 54% female-to-male ratio, logic dictates that over 10 million women are using mobile banking in some way.
Mobile banking has become more popular than debit or credit cards, and offers a method for everyone to become financially independent, informed, and in-charge. Mobile banking has evolved from being just SMS notifications for transactions; now it allows people to check their balance, open fixed or recurring deposits, and even get loans directly from their phones. Having a multitude of banking services in their pockets is empowering, and women from all walks of life are embracing mobile banking wholeheartedly. Let’s take a look at how mobile banking has helped women:
Bills paid from home = time saved, time well spent
“I recently started using mobile banking to pay all my bills,” said Jyotsna Joshi. She adds, “I stay at home and look after the house and my two-year old. Before mobile banking, paying bills was something I had to plan in advance. It took me a whole day of tiring travel, queuing, and calculations to take care of the water, electricity, internet, phone, and other bills. Now, a few taps on my phone, and I can spend more time with my son, watching him grow up and become a handful.”
No wallet? No problem; my phone is enough
“I never forget my phone, but my wallet is something I always forget,” said Riya Shrestha, a content creator (@all.about.business on TikTok). “It doesn’t really matter though, all my regular spots, and even new places I explore have QR payments, and my phone is enough. Even small shops and general stores have this option, and are more than glad to let me pay via mobile banking.”
Financial planning made easy: a quick look at the phone, you know what you have
“Mobile banking has made planning my finances easier. Usually, I’d go to the bank to get a statement, check my account, check my credit, and a multitude of other reasons. Now, a quick glance at my phone lets me know if I have enough to plan a vacation, a night out with my loved ones, or if I need to think twice about going on a shopping spree,” said Gunjan Dixit, Teacher at Ullens School. “It’s much easier this way, and additional features like opening a fixed deposit account directly from my phone has also helped tremendously.”
Covid accelerated the push toward digital banking, and the push has come to a shove
“I started using mobile banking extensively during Covid. I figured out that I could schedule recurring payments, like internet and cable payments, and just one tap when required would pay my bills for me,” said Supriya Tuladhar, Business Relationship Manager at ACCA. “I don’t even need an account number to send money either; it could be sent using just phone numbers. Being a working mom is not easy, but mobile banking helps a lot.”
Travelling has become easy; from airlines to hotels and everything in between
“I travel a lot, and initially, travelling was not the easiest. I remember buying airline tickets through travel agents, calling hotels for bookings, hoping I carry enough cash wherever I go, and crossing my fingers that ATMs are easily available at the location,” said Aleesah Sapkota, a social media influencer (@foodnommics on Instagram). “Now, seeing the QR payment standee at locations makes me breathe a sigh of relief. Airline tickets are easily bought from my mobile banking app and delivered straight to my email, and the last few trips I have gone to have been done with minimal cash-in-hand. QR payments are everywhere, and it has made my life a lot easier.”
Cash? I’d rather pass
“I have said no to so many lunch plans or a night out in town due to the simple fact that I hated going to the ATM for cash. The ATM I frequent usually has a line that makes me wait a while, and getting cash was always something that made me groan in frustration,” said Swarnika Tamrakar, Admission Manager at ISMT College. “Now, one trip to the ATM once in a while allows me to get a little cash in case of emergencies, but mobile banking has become my primary method of payment wherever I go, whether it’s shopping, lunches, or night outs.”
Do you have a story about how mobile banking helped you?
Mobile banking has helped women from all walks of life live better, and become financially literate. From bill payments and top ups to QRs and banking information, mobile banking has allowed women to carry their banks with them on their phones. Do you have a story about how mobile banking helped you? Let us know via email at email@example.com or send us a message on @use.mobile.banking at Instagram or Facebook.