- विज्ञापन -
New Delhi: The digital payment landscape in India has experienced a remarkable shift, with women rapidly narrowing the gap with men in recent years, as highlighted in a Crisil report.
Between the financial years 2014 and 2021, the percentage of women engaging in digital payments—either by making or receiving them—has surged from 14% to 28%. In comparison, men’s participation increased from 30% to 41% during the same period.
The report also emphasizes that this growth in digital payments among women extends beyond urban areas, as rural women are playing a significant role in this trend.
The addressable market for digital payments among women in India is immense, estimated at 200 million. Notably, women’s mobile internet adoption has risen to 37% in 2023, up from 30% in 2022.
The latest Financial Inclusion Index (FI Index) published by the Reserve Bank of India indicates that the extent of financial inclusion in the country has increased to 64.2 in March 2024, compared to 60.1 in March 2023, showcasing the success of ongoing financial inclusion initiatives.
Women are leading this transformative shift, as evidenced by two significant indicators: out of the 53.13 crore bank accounts opened under the Pradhan Mantri Jan Dhan Yojana (PMJDY), a majority—29.56 crore—belong to women beneficiaries. Additionally, more women now have access to banking services.
Over the past decade, millions of unbanked households have entered the financial system, acting as a catalyst for women’s empowerment.
The report attributes the significant rise in digital payments among women to their increasing technological proficiency, which enables them to adopt digital transactions more easily. With growing tech-savviness, women are navigating the e-KYC process more effectively, allowing them to access digital payment platforms and participate in the formal financial sector.
The enhanced digital connectivity also presents opportunities for women to engage in mutual fund investing as they become more comfortable with online transactions and seek to diversify their investments. As more women gain access to the formal financial sector, they are likely to become a vital demographic in the mutual fund market, driving growth and empowering themselves to take control of their financial futures, which will ultimately contribute to the nation’s economic development, the report concludes.
