# Three Reasons Why Digital Money Can Empower Women Worldwide
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2021-09-08
Category: FINANCE
Category URL: https://financedigest.com/category/finance
Meta Title: Closing the Gender Gap: Empowering Women Through Digital
Meta Description: Discover how digital money services can empower women financially and help close the gender gap in income and opportunities. Join the movement today!
URL: https://financedigest.com/three-reasons-why-digital-money-can-empower-women-worldwidehtml

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_By_ **_Matt Montes,_** _U.S. President, Paysend_

Historically, [women around the world have found it more difficult to access money](https://www.financedigest.com/giving-women-the-power-to-make-money-and-take-control-of-their-destiny.html "Giving women the power to make money and take control of their destiny") and gain financial independence than their male counterparts. These [challenges are even more substantial in lower income communities and among societies with lingering prejudices towards women](https://www.financedigest.com/under-saved-and-underprepared-women-face-challenges-saving-for-retirement.html "UNDER-SAVED AND UNDERPREPARED: WOMEN FACE CHALLENGES SAVING FOR RETIREMENT") controlling their financial independence.

As women continue to fight for equality and autonomy over their own financial decisions, it is imperative for the [FinTech industry to amplify its voice so we can collectively help accelerate female financial](https://www.financedigest.com/how-can-fintechs-better-engage-zillennials-with-their-financial-health-the-answer-lies-in-speaking-to-them-in-their-own-language.html "How can fintechs better engage Zillennials with their financial health? The answer lies in speaking to them in their own language") independence across the globe.

**Obstacles to** [financial equality for women remain](https://www.financedigest.com/survey-finds-regulation-remains-top-financial-services-priority-for-2017.html "Survey finds Regulation Remains Top Financial Services Priority for 2017")

Despite increased financial access for women in the past few decades, the gender pay gap is still [roughly $0.82 for every $1.00](https://www.nationalpartnership.org/our-work/resources/economic-justice/fair-pay/americas-women-and-the-wage-gap.pdf) earned by men in the United States. And these statistics are worse [around the world](https://www.financedigest.com/old-trafford-attracting-not-just-footballers-from-around-the-world-but-also-investors.html "Old Trafford attracting not just footballers from around the world, but also investors"). According to the World Economic Forum (WEF), globally [women earn 68% on average of what men](https://www.financedigest.com/bloom-uk-launches-fourth-annual-co-mentoring-scheme-the-exchange-for-senior-and-c-suite-men-and-women.html "Bloom UK launches fourth annual co-mentoring scheme, The Exchange, for senior and C-suite men and women") are paid for the same work. This number drops to just 40% in countries with the least gender parity. At the current rate of progress, the WEF estimates that it will take 257 years to [close the world’s gender pay gap](https://www.financedigest.com/closing-the-sustainable-investment-gap.html "Closing the sustainable investment gap").

Although social norms [continue to change](https://www.financedigest.com/in-light-of-changing-compliance-regulations-an-efficient-business-continuity-strategy-is-essential.html "In light of changing compliance regulations, an efficient business continuity strategy is essential."), women are still the primary family caretaker. As schools and daycares closed during the pandemic, many moms were forced to stay at [home to care](https://www.financedigest.com/the-home-care-services-market-to-get-pushed-based-on-digitization.html "The Home Care Services Market to get pushed based on digitization") for their families despite professional obligations or aspirations. During COVID-19, [women faced unemployment at a more disproportionate rate than men,](https://www.americanprogress.org/issues/women/reports/2020/04/23/483846/frontlines-work-home/) and even more so for women of color.

Women’s role as a caretaker also means that they have less free time than men to manage money and search for [career development](https://www.financedigest.com/developing-your-career-with-online-classes.html "Developing Your Career With Online Classes") opportunities. In fact, women today [undertake three-quarters of all unpaid work](https://www.mckinsey.com/mgi/overview/in-the-news/a-womans-place-is-in-the-digital-revolution), none of which is reflected by their income. Opportunities for education are also more limited for women, which can also [lead to limited career opportunities and lower](https://www.financedigest.com/banks-miners-lead-ftse-100-lower.html "Banks, miners lead FTSE 100 lower") income rates.  Around the world, [129 million girls are out of school](https://www.unicef.org/education/girls-education) due to barriers in girls’ education including poverty and societal gender roles they are expected to adhere to.

**How digital money** [services can empower women financially](https://www.financedigest.com/devops-the-secret-tool-thats-transforming-financial-services.html "DevOps: The Secret Tool that’s Transforming Financial Services")

[Digital money services](https://www.imf.org/external/pubs/ft/fandd/2021/06/online/digital-money-new-era-adrian-mancini-griffoli.htm) include transactions like payments, remittances and credit that are accessed and delivered through digital channels, including mobile devices.

[Digital money services play an important](https://www.financedigest.com/42-of-retailers-say-payment-over-time-solutions-are-very-important-to-ensuring-future-digital-innovation.html "42% of retailers say payment-over-time solutions are ‘very important’ to ensuring future digital innovation") role in closing the gender gap between men and women. For example, transfer services can help speed up the process of sending and receiving money, eliminating the [need to travel to a bank](https://www.financedigest.com/what-banks-need-to-do-right-now-to-improve-their-digital-services-without-sacrificing-security.html "What Banks Need to Do Right Now to Improve Their Digital Services Without Sacrificing Security "). This can help [women spend less time running household errands and more time seeking paid employment and career development](https://www.financedigest.com/what-its-like-for-women-entrepreneurs-in-developing-countries.html "What it’s Like for Women Entrepreneurs in Developing Countries") opportunities.

Similarly, digital savings tools allow [women to privately invest](https://www.financedigest.com/5-reasons-why-women-need-to-get-into-property-investing.html "5 Reasons why women need to get into property investing") as frequently as possible, while also improving their financial literacy by allowing them to make their own financial decisions.

Further, [digital money services can provide access to financial](https://www.financedigest.com/matching-digital-adoption-with-cybersecurity-in-the-financial-services-industry.html "Matching digital adoption with cybersecurity in the financial services industry") solutions without requiring prior authorization from others. This means that women can freely send, receive and [manage their own money](https://www.financedigest.com/why-choose-microsoft-money-as-your-financial-manager.html "Why Choose Microsoft Money As Your Financial Manager?"). This also empowers women to receive [money directly from friends and family working abroad](https://www.financedigest.com/how-to-save-money-on-business-tripsabroad.html "How to save money on business trips abroad"), allowing them access to an income stream that can bypass the men in their lives who would otherwise control the family finances.

Studies have proven that [closing the gap between men and women could not only help improve our global economic activit](https://www.mckinsey.com/featured-insights/employment-and-growth/how-advancing-womens-equality-can-add-12-trillion-to-global-growth) y, but it could also reduce inequality and stimulate business activity across industries. The role of [money goes far beyond being just a unit of exchange](https://www.financedigest.com/how-to-find-free-rates-on-money-exchange.html "How To Find Free Rates On Money Exchange") – it can also influence the power that women have in their own lives.

**About Author**

Matt Montes is U.S. general manager at Paysend. Montes has nearly 30 years of [financial services](https://www.financedigest.com/31972social-engineering-in-the-financial-services-people-are-the-weakest-link-in-the-security-chain.html "Social engineering in the Financial Services : People Are The  Weakest Link in the Security Chain") experiences, most recently serving as president of Catalina Card Services. Previously, he founded and led AccountNow, the first online D2C prepaid [debit card](https://www.financedigest.com/visa-has-terminated-global-debit-card-agreements-with-ftx.html "Visa has terminated global debit card agreements with FTX") company in the U.S., which was acquired by [Green Dot Corporation](https://www.financedigest.com/green-bonds-are-set-to-drive-corporate-esg-debt-out-of-slump-in-2023-barclays.html "Green bonds are set to drive corporate ESG debt out of slump in 2023 -Barclays").


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