A recent report from PayNearby has illuminated the burgeoning entrepreneurial ambitions of women in India, with a striking 63% expressing a strong interest in embarking on entrepreneurship. The PayNearby Women Financial Index (PWFI) report, which collected data from over 5,000 retail stores across the nation, signifies a notable drive for financial independence and self-sufficiency among women in the country.
The survey also provided insights into the digital proficiency of women, particularly in the age groups of 18-30 and 31-40, with a significant inclination towards digital financial transactions. The utilization of biometric authentication methods, such as the Aadhaar-enabled Payment System (AePS) for cash withdrawals, has seen a noteworthy increase among female consumers.
Despite the continued popularity of cash transactions, the report revealed a growing preference for Aadhaar-based transactions and UPI QR codes. In fact, over 95% of female customers demonstrate a preference for biometric authentication, particularly through AePS for cash withdrawals, indicating a strong shift towards digital financial services.
In addition to transactional data, the report also highlighted the top services availed by women at retail outlets, including cash withdrawals, mobile recharges, and bill payments. It was discovered that approximately 70% of women hold Jan-Dhan savings accounts, primarily utilized for cash withdrawals. However, some women admitted that their husbands manage their bank accounts instead of themselves, indicating a need for greater financial autonomy.
The PWFI report also uncovered the varying savings priorities of women, with ‘child education’, ‘medical emergency’, and ‘buying household electronic items’ ranking as the top three savings goals. Moreover, the report indicated a growing awareness of government schemes related to financial well-being, with 45% of women benefiting from such initiatives.
Despite the increasing awareness, the report highlighted a low uptake of insurance products among women, standing at only 2%. This underscored a significant gap that needs to be addressed, especially considering the willingness of 68% of women to avail formal credit for emergency expenses or agricultural needs.
Furthermore, the report revealed the rising adoption of online commerce and entertainment among women, with categories such as daily groceries, clothing, accessories, and home & kitchen items being the most commonly ordered. Notably, there was also a significant interest in utilizing nearby stores for services like travel bookings and PAN card issuance, reflecting a growing desire for self-reliance and financial inclusion among women.
The insights from the PWFI report not only demonstrate the increasing entrepreneurial aspirations of women but also highlight the need for targeted financial products and services to support their growing participation in the economy.
Published March 10th, 2024 at 12:07 IST
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