The number of women using digital payments in India has significantly increased over the past seven years, marking a major shift in financial inclusion. A recent report by Crisil highlights that women are rapidly adopting digital transactions, bridging the financial gap with men.
More Women Embracing Digital Payments
Between 2014 and 2021, the percentage of women making or receiving digital payments rose from 14% to 28%, doubling in just seven years. In comparison, the percentage of men using digital transactions increased from 30% to 41% during the same period. This rise shows that women are adopting digital payments at a faster pace than before.
The trend is not limited to urban areas. Rural women are also actively engaging in digital transactions, thanks to growing mobile internet adoption. In 2023, 37% of women had access to mobile internet, up from 30% in 2022. This increasing digital connectivity has allowed more women to participate in financial transactions, making them more financially independent.
Financial Inclusion Driving Empowerment
According to the Reserve Bank of India’s Financial Inclusion Index, financial inclusion in India improved from 60.1 in March 2023 to 64.2 in March 2024. Government initiatives, such as the Pradhan Mantri Jan Dhan Yojana (PMJDY), have played a significant role in this progress. Out of the 53.13 crore bank accounts opened under PMJDY, 29.56 crore belong to women, showcasing their growing financial participation.
Millions of previously unbanked women now have access to banking services, enabling them to save, invest, and make transactions with ease. This shift is helping women take control of their finances and participate more actively in the economy.
Women Becoming More Tech-Savvy in Finance
The rise in digital payments among women is also linked to their increasing comfort with technology. More women are now familiar with digital platforms, making it easier for them to complete e-KYC processes and use financial apps. With seamless access to digital payment platforms, women are gaining confidence in handling online transactions.
As digital literacy grows, women are also showing interest in financial investments. The report suggests that more women may start investing in mutual funds as they become comfortable with online transactions. This trend can lead to greater financial independence and long-term wealth creation for women.
Future of Women in Digital Finance
Women’s rising participation in digital payments is a positive step toward gender equality in financial services. As more women gain financial independence, they contribute to the country’s economic growth. The combination of government initiatives, digital adoption, and financial awareness is shaping a new future where women play a crucial role in India’s digital economy.
