Over 10,000 woman entrepreneurs have dispensed more than Rs 900 crore of financial services in the last financial year, according to a report by branchless banking and digital network PayNearby. The report said over 76 per cent of woman customers, who availed basic banking services at PayNearby’s retail outlets, preferred biometric authentication as a mode of cash withdrawal.
Cash, which dominated the payment space among women in FY 2021-22, still continues to hold strong, with around 48 per cent of women saying they preferred dealing in cash. Aadhaar-led transactions and UPI QR have also gained momentum. Cards continue to have minimal presence in this segment.
The survey titled, ‘PayNearby Women Financial Index’ (PWFI) released by PayNearby in association with the Reserve Bank Innovation Hub (RBIH) on Monday, was prepared on the basis of a pan-India survey conducted by the company among over 5,000 retail stores in the country, recording financial transactions of women consumers as observed in those outlets.
According to the survey, more than 75 per cent of the retailers mentioned that women within the age group of 18-30 years were the most digitally adept, with over 60 per cent of this age bracket owning a smartphone and accessing digital content through it. This was immediately followed by the age group 31-40 years.
Over 65 per cent of women customers, especially in the cash withdrawal markets, fell in the age group of 31-40 years, with AePS being the most used banking service. Though cash has lost some ground since the last report, it still continues to be the most preferred mode of payment with 48 per cent citing cash payment as their first preference.
Incidentally, UPI also saw good growth in adoption among women consumers, with preferences ranging from 5-20 per cent among different age groups. Card continues to have little to no recall and usage in this segment.
Approximately, 78 per cent of women cited cash withdrawal as the primary reason for visiting a retail store for financial transactions. A total of Rs 1,000-2,500 was the most preferred range of withdrawal for women across the country.
Anand Kumar Bajaj, founder and MD & CEO of PayNearby, said, “The findings in the PWFI report are inspiring and emphasize the fact that women of the country are slowly but steadily gearing up to walk hand-in-hand with India’s growth.”
He added that at PayNearby, it is our responsibility to bridge the digital divide that exists between segments. “Towards this purpose, more than 10,000 of our women entrepreneurs have distributed over Rs 900 crores of financial services in the last financial year.”
Rajesh Bansal, CEO of Reserve Bank Innovation Hub (RBIH), said, “There is 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. RBIH has partnered with PayNearby in its journey towards building an inclusive nation and changing the notion of how finance is perceived by women or how the market sees and serves women as end-users.”
Jayatri Dasgupta, chief marketing officer of PayNearby, said, “India is at the cusp of a digital revolution. However, for this to happen, our women force needs the necessary tools to get inducted into this fast-moving digital economy. We are delighted to present our third edition of PWFI, an annual stock taking exercise of where we stand and what needs to be done to evolve women into equal participants in India’s growth journey.”
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