Over 63% of women in India are seeking entrepreneurial avenues, shows PayNearby survey
women in India aspire to start their own business, reflecting a strong desire for financial independence and self-reliance, according to a report from PayNearby, a branchless banking and digital network,
The report «PayNearby Women Financial Index (PWFI)»is based on a survey among over 5,000 retail stores in the country recording financial transactions of women consumers as observed in those outlets.
It highlights the preference for biometric authentication, with over 95% of female customers opting for Aadhaar Enabled Payment System (AePS) for cash withdrawal. While cash remains the favoured mode of transaction, with 48% of women favoring it, Aadhaar-led transactions and UPI QR codes are gaining momentum in double digits.
Cards continue to have a minimal presence in this segment. Women aged 18-30, followed by 31-40, are the most digitally adept, showing a strong inclination towards financial transactions, according to the survey. About 41% of women mentioned that they do not use any payment app on their phones.
Cash withdrawal, mobile recharges, and bill payments emerge as the top three services availed by women at PayNearby retail outlets.
Among the top three saving goals, 'child education' topped the list, followed by 'medical emergency' and 'buying household electronic items'.
About 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 influenced in their affinity. The survey also revealed
