63% Of Indian Women Pursue Entrepreneurial Ventures: Survey

A recent survey conducted by PayNearby, Indian branchless banking and digital network, has unveiled a remarkable trend showcasing the entrepreneurial spirit among women in Bharat. The survey, titled "PayNearby Women Financial Index (PWFI)," offers insights into the financial consumption patterns of women at retail stores, shedding light on their aspirations, preferences, and challenges.

According to the report, an impressive 63 per cent of women in Bharat aspire to start their own businesses, reflecting a profound desire for financial independence and self-reliance. This finding underscores the evolving landscape of women's participation in the economy, with entrepreneurship emerging as a key avenue for income augmentation and empowerment.

Among the notable trends highlighted in the survey is the preference for biometric authentication, with over 95 per cent of female customers opting for AePS for cash withdrawal. While cash remains the preferred mode of transaction, Aadhaar-led transactions and UPI QR codes are gaining traction, particularly among digitally adept women aged 18-30 and 31-40.

The survey also delves into the financial services availed by women at PayNearby retail outlets, with cash withdrawal, mobile recharges, and bill payments emerging as the top three services. Notably, women exhibit a prudent approach towards savings, with 'child education,' 'medical emergency,' and 'buying household electronic items' ranking among the top saving goals.

Furthermore, the report highlights an increasing awareness among women regarding alternative investment avenues, with a growing interest in financial management and wealth creation. Despite this, a significant portion of women rely on family members for investment decisions, indicating the need for greater financial literacy and independence.

Commenting on the findings, Anand Kumar Bajaj, Founder, MD & CEO of PayNearby, emphasised the importance of women's participation in economic development, stating, "Women in Bharat are asserting their entrepreneurial spirit more than ever... At PayNearby, we recognize women as the GDP reserve of our nation, wielding the power to drive social and economic change."

Jayatri Dasgupta, CMO of PayNearby, echoed this sentiment, highlighting the need to equip women with the necessary tools to integrate into the digital economy. Through initiatives like Digital Naari, PayNearby aims to provide additional income opportunities for women, fostering greater financial and digital inclusion.

The PWFI report not only underscores the entrepreneurial aspirations of women in Bharat but also underscores the potential for women-led development to drive social and economic progress. As India continues its journey towards digital transformation, empowering women to become equal participants in the economy will be essential for inclusive growth and prosperity.

Financial Consumption By Women

The fourth edition of the report provides a comprehensive analysis of financial consumption by women at retail stores during the fiscal year 2023-24. Key findings reveal that 45 per cent of women report availing benefits from government-backed schemes, indicating a significant reliance on such initiatives for financial support. Despite this, a staggering 85 per cent of women surveyed have limited or no access to recurring income sources, underscoring the challenges faced in achieving financial stability. 

When it comes to transaction preferences, 48 per cent of women prefer dealing in cash, followed by UPI QR codes and cards, with over 95 per cent opting for AePS for cash withdrawal, showcasing a strong preference for biometric authentication. Additionally, the report highlights that 71 per cent of women exhibit a higher inclination towards short-term investments, reflecting a cautious approach towards financial planning. 

Although awareness about insurance products among women has increased to 29 per cent, consumption remains low at 2 per cent. Moreover, while 70 per cent of women hold savings accounts, 68 per cent indicate a willingness to take formal credit, emphasising the demand for accessible credit solutions to meet their financial needs.