In digital India, women are now progressing significantly in terms of money. DBS Bank India’s ‘Women and Finance’ report states that Indian women are now not only making digital payments, but they are also fully involved in big activities like taking loans, credit facilities and investments. This report, based on conversations with 1,342 women, shows that new technology has now become very important not only in their personal lives but also in their business and future financial planning.
Nowadays, women doing business by adopting digital methods of transactions are at the forefront of the country’s economy. According to the report, 84 percent women entrepreneurs have completely adopted digital payment methods. Among these, UPI has become the most used method. According to statistics, 72 percent of business women, 77 percent of affluent women and 54 percent of women working in villages are using UPI regularly. This shows that digital technology is reaching everywhere in the country and women are adopting it very easily.
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Women moving forward in loans and investments
Women are no longer limited to just saving money. She is also taking loan to expand her business. According to the report, 38 percent of women business owners are taking digital loans for their work. Apart from this, women are also moving forward in terms of investment. About 29 percent women entrepreneurs are investing through different platforms. Also, 28 percent of rich women are also using digital investment tools. This proves that they are taking better decisions for their time ahead.
Increasing use of credit cards
The use of credit cards has increased significantly among business women living in cities and now it has become their daily necessity. According to the survey, about 50 percent women entrepreneurs are using credit cards. Of these, 19 percent women use credit cards even for small daily expenses. If we talk about rich women, this figure is up to 53 percent. These women love the travel offers that come with credit cards, such as hotel discounts, air miles and airport lounge access. Especially among young women, maximum enthusiasm regarding these offers has been seen.
According to different classes, the way women spend money and their priorities are completely different. Women who are running their own businesses are spending a large part of their expenses on expanding their business, with 65 percent of the money being spent on paying employees’ salaries, 53 percent of the money being spent on marketing and content creation, and 37 percent of the money being spent on adopting new technology or software. Women living in villages are mainly spending their money on purchasing goods and daily household expenses. At the same time, the scope of expenditure of rich women is very large, which mainly depends on ration, electricity-water bills, health related facilities and travelling.
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Increasing use of credit card and its benefits
The use of credit cards has increased significantly among business women living in cities and now it has become their daily necessity. According to the survey, about 50 percent women entrepreneurs are using credit cards. Of these, 19 percent women use credit cards even for small daily expenses. If we talk about rich women, this figure is up to 53 percent. These women love the travel offers that come with credit cards, such as hotel discounts, air miles and airport lounge access. Especially among young women, maximum enthusiasm regarding these offers has been seen.
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