Towards financial independence: Over 63% of women in Bharat aspire to start their own business, say PayNearby report – Industry News

Over 63 per cent of women in Bharat aspire to start their own business, reflecting a strong desire for financial independence and self-reliance, said a survey report by PayNearby titled “PayNearby Women Financial Index (PWFI)”, that highlighted financial consumption by women at retail stores. PayNearby conducted a survey among over 5,000 retail stores in the country recording financial transactions of women consumers as observed in those outlets.

The report highlighted the preference for biometric authentication, with over 95 per cent of female customers opting for AePS for cash withdrawal. While cash remains the favoured mode of transaction, with 48 per cent of women favouring it, Aadhaar-led transactions and UPI QR codes are gaining momentum in double digits. Cards continued to have a minimal presence in this segment. Notably, women aged 18-30, followed by 31-40, are the most digitally adept, showing a strong inclination towards financial transactions. Interestingly, 41 per cent of women mentioned that they do not use any payment app on their phones, the report stated.

Focus areas: Cash withdrawal, mobile recharges, bill payments

Cash withdrawal, mobile recharges, and bill payments emerge as the top three services availed by women at PayNearby retail outlets. The most common withdrawal range falls between Rs 1000- Rs 2500, while EMI payments typically range from Rs 500- Rs 1000. The report further added that 70 per cent of women hold Jan-Dhan savings accounts primarily used for cash withdrawals. More than 25 per cent of women admitted to their husbands managing their bank accounts instead of themselves.

Child education tops ‘saving goals’ list

In terms of saving goals, ‘child education’ topped the list, followed by ‘medical emergency’ and ‘buying household electronic items’. 54 per cent of women indicated Rs 750- Rs 1000 as their preferred range for monthly savings, highlighting their approach towards financial planning. Notably, only 27 per cent of the respondents preferred to save above Rs 1500 to accrue a corpus in the long run. 71 per cent of women exhibited a higher inclination towards short-term investments, with savings tenure between 3-5 years. The report observed a marginal but noteworthy trend towards investment diversification, particularly in recurring and fixed goal-based deposits. This suggests an increasing awareness among women regarding alternative investment avenues, reflecting a growing interest in financial management and wealth creation.

The PayNearby report said that 74 per cent of women rely on their family members when making investment decisions, whereas 11 per cent seek guidance from financial advisors. The financial advisors were typically women influencers in their affinity. The survey also revealed that 16 per cent of women were extremely aware, and 55 per cent were moderately aware of various government schemes and initiatives related to financial well-being. Impressively, 45 per cent of women report availing benefits from government-backed initiatives indicating a growing number of women availing these schemes.

Awareness about insurance products

Furthermore, despite growing awareness of insurance products among women (29 per cent), consumption remains low at 2 per cent. The survey indicated a willingness among 68 per cent of women to take formal credit, emphasizing the need for affordable credit solutions. Women cited emergency expenses like medical bills, home repairs, and children’s education or for agricultural needs such as buying seeds, fertilizers, or equipment as reasons to avail credit.

Adoption of online commerce

The PWFI report also highlighted the increasing adoption of online commerce (24 per cent) and online entertainment (18 per cent) among women. Online commerce saw a decent adoption among women at retail stores with daily groceries and household items (at 27 per cent) being the most commonly ordered category. This was followed by clothing & accessories and home & kitchen items at 24 per cent and 23 per cent, respectively. Also, travel bookings and PAN card issuance have seen significant uptake, with 96 per cent of the respondents showing a willingness to book a rail ticket from their nearby store. This showcased women’s desire to become self-reliant and financially included.

Anand Kumar Bajaj, Founder, MD & CEO, PayNearby, said, “It is delightful to see that women in Bharat are asserting their entrepreneurial spirit more than ever with over 63 per cent seeking avenues for income augmentation. In the journey towards a nation’s development, women should be equal stakeholders. At PayNearby, we recognize women as the GDP reserve of our nation, wielding the power to drive social and economic change. As an institution, we are aligned with the government’s shift from women development to women-led development.”

“The increasing adoption of newer services such as e-commerce, mutual funds, and fixed deposits signifies a promising trend in rural areas, where women are gearing up to engage in formal economic activities. We aim to empower women with greater autonomy over their savings, investments, and other crucial aspects. Sashakt Naari, Sashakt Desh,” Anand Kumar Bajaj added. 

Jayatri Dasgupta, CMO, PayNearby, said, “Bharat stands on the threshold of a profound digital transformation. Yet, to fully unlock its potential, we must equip our women with the tools necessary to integrate seamlessly into this rapidly evolving digital landscape. With the launch of our fourth edition of PWFI, we undertake a comprehensive assessment of our progress and chalk out the roadmap to make women equal participants in Bharat’s growth journey.”