A recent study by PayNearby, a branchless banking and digital network, reveals that over 63% of women in India aspire to start their own businesses, reflecting a strong desire for financial independence. The findings, presented in the “PayNearby Women Financial Index” (PWFI) report, highlight the financial aspirations and consumption behaviors of women across the country, emphasizing their drive for self-reliance ahead of International Women’s Day.
The study, which analyzed financial transactions at over 5,000 retail stores, found that more than 95% of women preferred biometric authentication through the Aadhaar Enabled Payment System (AePS) for cash withdrawals. Jayatri Dasgupta, CMO of PayNearby, remarked, “To unlock India’s full potential, we must equip women with tools to seamlessly integrate into the evolving digital landscape. Our fourth PWFI edition offers a detailed assessment of our progress and outlines a roadmap to ensure women are integral participants in Bharat’s growth.”
The survey identified cash withdrawals, mobile recharges, and bill payments as the top services utilized by women at PayNearby outlets. Additionally, 70% of women held Jan-Dhan savings accounts, primarily for cash withdrawals, while over 25% reported that their husbands managed their bank accounts. Despite cash being the preferred transaction method, Aadhaar-led transactions and UPI QR codes are gaining traction among digitally adept women aged 18-40. Notably, 41% of women did not use any payment apps on their phones.
In terms of savings goals, “child education” was the highest priority, followed by “medical emergencies” and “buying household electronics.” Over half of the women surveyed (54%) preferred saving between ₹750-1,000 monthly, while 27% aimed to save more than ₹1,500.
The report also noted a growing interest in investment diversification, with 71% of women favoring short-term investments. However, insurance uptake remains low at 2%, although 68% expressed willingness to take formal credit for various needs such as medical expenses and agricultural costs.
Despite increasing awareness of government financial schemes, only 16% of respondents were highly aware, with 55% moderately aware. Nevertheless, about 45% claimed to benefit from government initiatives. Anand Kumar Bajaj, founder, MD & CEO of PayNearby, concluded, “The rising adoption of e-commerce and financial products in rural areas is a positive sign. Our goal is to empower women with greater control over their financial futures.”
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