PayNearby Report: Women prefer AePS, aim for financial independence
PayNearby Survey: 45% Women Benefit from Govt Schemes, 63% Aspire Business
BILKULONLINE
Ahmedabad, March 8: PayNearby, India’s leading branchless banking and digital network with over 50 Lac retail touchpoints, has unveiled insightful findings from a Pan-India survey report titled “PayNearby Women Financial Index (PWFI).” The report highlights the financial consumption patterns of women at retail stores, showcasing their preferences and aspirations in the realm of financial inclusion and independence.
According to the report, 45% of women surveyed reported benefiting from government-backed schemes, indicating a significant reliance on these initiatives for financial support. Additionally, over 63% of women in Bharat expressed a desire to start their own businesses, reflecting a strong aspiration for financial independence and self-reliance.
The survey revealed that biometric authentication, particularly through AePS, is highly preferred by female customers, with over 95% opting for it for cash withdrawals. While cash remains the favored mode of transaction, Aadhaar-led transactions and UPI QR codes are gaining traction among women, especially those aged 18-30 and 31-40, who are the most digitally adept.
Cash withdrawal, mobile recharges, and bill payments emerged as the top three services availed by women at PayNearby retail outlets. The report also shed light on women’s savings habits, with ‘child education,’ ‘medical emergency,’ and ‘buying household electronic items’ being the top three saving goals. Notably, 70% of women hold Jan-Dhan savings accounts primarily used for cash withdrawals, and more than 25% admitted to their husbands managing their bank accounts instead of themselves.
Despite growing awareness of insurance products among women, consumption remains low at 2%. However, there is a willingness among 68% of women to take formal credit, emphasizing the need for affordable credit solutions. The report also highlighted the increasing adoption of online commerce and entertainment among women, showcasing their aspiration and demand for such services.
Commenting on the findings, Anand Kumar Bajaj, Founder, MD & CEO, PayNearby, expressed delight in seeing women in Bharat asserting their entrepreneurial spirit, emphasizing the importance of women as equal stakeholders in the nation’s development. Jayatri Dasgupta, CMO, PayNearby, highlighted the need to equip women with the tools necessary to integrate into the digital landscape, underscoring the launch of their Digital Naari initiative to provide additional income opportunities for women at the last mile.
Through initiatives like Digital Naari, PayNearby aims to create a women-led development that breaks down technological and financial barriers, paving the way for a more equitable society.
