Although India has witnessed a tremendous surge in digital payments, cash still remains the most preferred mode of transaction among women. A report by PayNearby has revealed that more than 60 percent prefer to deal in cash, followed by UPI, QR, and cards. Cash withdrawals are more seen in tier 3 and rural regions. Out of 78 percent availed cash withdrawals, 65 percent were conducted by women in the age group of 31 to 40 years.
However, various modes of digital payments such as UPI, cards, prepaid cards, and digital wallets have also increased among women consumers. Prepaid cards and digital wallets are basically used for accessing digital content and e-commerce. Mobile recharges, cash withdrawal, and bill payments were the most used services availed by female customers at retail touchpoints. These transactions are carried out by women aged between 21 to 41 years.
The report has also revealed that awareness of savings and formal savings instruments continue to see less adoption.
