PayNearby research reveals that over 63% of women aspire to start their own business. It says that its findings reflect a strong desire for financial independence and self-reliance. The branchless banking and digital network serves some 5 million retail touchpoints across India.
Preference for biometric authentication, UPI QR codes rise in popularity
PayNearby’s research highlights a preference for biometric authentication. Over 95% of female customers opt for AePS for cash withdrawal. While cash remains the favoured mode of transaction, with 48% of women favouring it, Aadhaar-led transactions and UPI QR codes are gaining momentum in double digits. Cards continue 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% of women mentioned that they do not use any payment app on their phones.
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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 INR1,000-2,500. EMI payments typically range from INR500-1000. The report reveals that 70% of women hold Jan-Dhan savings accounts primarily used for cash withdrawals. More than 25% of women admitted to their husbands managing their bank accounts instead of themselves.
Among the top three saving goals, ‘child education’ topped the list. This is followed by ‘medical emergency’ and ‘buying household electronic items’. 54% of women indicate INR750-1,000 as their preferred range for monthly savings, highlighting their approach towards financial planning.
74% of women rely on their family members when making investment decisions, whereas 11% seek guidance from financial advisors. The financial advisors were typically women influences in their affinity.
Women assert entrepreneurial spirit
The report also highlights the increasing adoption of online commerce (24%) and online entertainment (18%) among women.
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% seeking avenues for income augmentation. In the journey towards a nation’s development, women should be equal stakeholders. At PayNearby, we recognise 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.”
