Over 10,000 women entrepreneurs dispensed more than Rs 900 crore worth of financial services in 2022-23, according to the recent report by PayNearby and the Reserve Bank Innovation Hub.
PayNearby is one of the leading branchless banking and digital networks in the country. The PayNearby Women Financial Index (PWFI) is an annual pan-India report that highlights women's financial consumption at retail stores. The survey was conducted in over 5,000 retail stores in India.
The report also revealed that over 76 percent of women customers, who used the banking services at PayNearby's retail outlets, preferred to withdraw cash via the biometric authentication mode. Also, 48 percent women said they still preferred dealing in cash. As UPI QR and Aadhaar-led transactions have gained momentum, cards continue to witness minimal presence in the segment.
In the cash withdrawal markets, more than 65 percent women customers fell in the 31-40 years age group, and AePS was the most-used banking service.
Bill payments, mobile recharges and travel booking were the next three main services availed by women customers at retail stores.
"At urban and metro centres, money remittance saw good adoption with transactions being primarily conducted by young working women belonging to the age bracket of 21-30 years and 31-40 years. EMI payments at retail outlets also witnessed decent growth. Though mostly in the range of Rs 500-1,000, the growth in EMI collection indicates increased awareness and appetite for credit and other financial products in women across the country," PayNearby said in a statement.
Over 74 percent women operated their bank accounts themselves, and over 20 percent of them admitted their husbands were operating their accounts instead, the report stated.
Regarding savings, children's education, medical emergency and buying household electronic items were the top three saving goals among women.
As many as 55 percent of the women said Rs 500-700 was their preferred range for monthly savings, PayNearby stated, adding, "Formal savings instruments though, continue to see thin adoption, with less than 15 percent of those surveyed aware of formal savings instruments."
Meanwhile, consumption of services such as insurance remained low (1 percent), even though 29 percent women were aware of insurance products.
The survey highlighted that around 39 percent women visited local grocery stores or retail outlets for financial transactions via their smartphones.
"The uptake in the consumption of AePS and UPI at the last mile is the result of the progressive efforts of National Payments Corporation of India (NPCI). NPCI has been the flagbearer of India’s digital transformation and our constant guide in furthering Bharat’s digital journey," Bajaj said.
Rajesh Bansal, CEO of RBIH, said it was heartening to see an uptake of digital financial products and services among women at the last mile. "The PWFI report is an eye-opener and game-changer as it will help us leverage technology and innovation in the right direction," he said.
Meanwhile, Jayatri Dasgupta, PayNearby's CMO, also said it is encouraging to see young women actively consuming digital financial services across retail stores in the country.
