According to the 3rd edition of PayNearby’s annual report titled “PayNearby Women Financial Index (PWFI)” over 10,000 women entrepreneurs have dispensed over Rs 900 crores of financial services in FY22.
- The report, released by PayNearby in association with the Reserve Bank Innovation Hub (RBIH), is a detailed analysis on ‘financial consumption by women at retail outlets’ in 2021-22.
Assessment:
The survey was conducted among 5,000+ retail stores in India, recording financial transactions of women consumers as observed in those outlets.
Highlights:
i.More than 76% of female customers, who availed basic banking services at PayNearby’s retail outlets preferred biometric authentication as a mode of cash withdrawal.
- However, 48% of women still preferred dealing in cash.
ii.Aadhaar-led transactions and UPI (Unified Payment Interface) QR (Quick Response) too have gained momentum. Cards continue to have minimal presence in this segment.
iii.Women within the age group of 18-30 years were the most digitally adept, with over 60% of this age bracket owning a smartphone and accessing digital content through it. This was immediately followed by the age group 31-40 years.
iv.Approximately 78% of women cited cash withdrawal as the primary reason for visiting a retail store for financial transactions with Rs 1000-2500 being the most preferred range of withdrawal for women across India.
- Mobile recharges, bill payments and travel booking were the next three popular services availed by women customers at retail touchpoints.
v.More than 74% of women operated their bank accounts themselves, they were primarily for the purpose of cash withdrawals and cash deposits,
vi.Child education topped the list of savings which was followed by ‘medical emergency’ and ‘buying household electronic items.
- 68% of those surveyed cited good education for their kids as a priority for them.
vii.Insurance still continues to be low (1%) despite 29% of women being aware about insurance products,
viii.39% of women visiting Kiranas and retail outlets for financial transactions used smartphones and also availed WhatsApp actively.
ix.The research specified that there was an increased awareness for online entertainment and online commerce, with 16% and 23% of respondents showing willingness to consume these services digitally.
Recent Related News:
i.The State Bank of India (SBI) in its Ecowrap report has estimated India’s fiscal deficit for FY 2023-24 (FY24) at around Rs 17.95 lakh crore or 6% of GDP (Gross Domestic Product).
ii.The United Nations (UN) in its World Social Report 2023 projected that the number of people aged 65 years or older worldwide will more than double from 761 million in 2021 to 1.6 billion in 2050. It is published by the UN Department of Economic and Social Affairs (DESA).
About PayNearby:
Founder, MD and CEO–Â Anand Kumar Bajaj
Headquarters– Mumbai, Maharashtra
