Representative | Image:Pixabay
Rising entrepreneurial ambitions: A notable percentage of women in the country, specifically 63 per cent, are expressing a keen interest in delving into entrepreneurship, according to the PayNearby Women Financial Index (PWFI) report. This statistic reflects a strong drive for financial independence and self-sufficiency amongst women in India.
Conducted by PayNearby, the survey gathered data from over 5,000 retail stores across the nation, focusing on the financial transactions made by female consumers.
Digital proficiency trends
The report highlights the increasing digital proficiency amongst women aged 18-30, followed closely by those aged 31-40, particularly in financial transactions, with the majority favouring biometric authentication methods such as Aadhaar-enabled Payment System (AePS) for cash withdrawals.
While cash remains a popular mode of transaction, with 48 per cent of women preferring it, there’s a notable rise in Aadhaar-based transactions and UPI QR codes. Interestingly, biometric authentication, especially through AePS for cash withdrawals, is favoured by over 95 per cent of female customers.
Jan-Dhan account usage
The report also highlights the top services availed by women at retail outlets, which include cash withdrawals, mobile recharges, and bill payments. It further unveils that approximately 70 per cent of women hold Jan-Dhan savings accounts primarily utilised for cash withdrawals, with some admitting that their husbands manage their bank accounts instead of themselves.
In terms of savings goals, priorities vary, with ‘child education’ ranking the highest, followed by ‘medical emergency’ and ‘buying household electronic items’. Moreover, the report indicates a growing awareness of government schemes related to financial well-being, with 45 per cent of women benefiting from such initiatives.
Low insurance uptake
Despite increasing awareness, the uptake of insurance products amongst women remains low at 2 per cent, highlighting a gap that needs to be addressed. Additionally, there’s a notable willingness amongst 68 per cent of women to avail formal credit, citing reasons such as emergency expenses or agricultural needs.
The PWFI report also underscores the rising adoption of online commerce and entertainment amongst women, with categories such as daily groceries, clothing, accessories, and home & kitchen items being the most commonly ordered. Furthermore, there’s a significant interest amongst respondents in utilising nearby stores for services like travel bookings and PAN card issuance, indicating a desire for self-reliance and financial inclusion amongst women.
