A report at Global Fintech Fest 2024 revealed that 57 per cent of 2,500 women entrepreneurs surveyed were unaware of UPI-based offerings, a significant gap is visible between women-run micro-businesses to merchant aggregators. The 'UPI for Her' initiative, a collaboration between the National Payments Corporation of India (NPCI) and the Women's World Banking (WWB), reveals that 40 per cent haven't been contacted, and 7 per cent feel their businesses are too small. They aim to address this issue by promoting UPI-based payment services for women-run micro-businesses.
The survey of 2,500 women merchants in India, partnered with MobiKwik and PhonePe, revealed that 15 per cent were unclear about payments and charges by merchant aggregators, some were unaware of next-day settlement features, whereas a lack of transparency in loan offerings added to their confusion. UPI for merchants offers streamlined payments with instant authentication, potentially benefitting women-run micro businesses, among 200 million smartphone-owing women in India, who could be the next wave of UPI adopters.
The report highlights the effectiveness of community women influencers in onboarding women merchants, emphasizing the importance of a smooth and transparent onboarding process for women's confidence. PhonePe's head of product, and consumer payments, Nidhi Gupta highlighted the challenges faced by 16 million small women business owners in India, including fear of losing money, fraud, and lack of empowerment. She stressed the need to design products and delivery modes with the comfort of these women in mind.
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