38% of women in rural and semi-urban India use UPI weekly: Report

While they India act as their household's primary savers, only 32% of women use formal financial institutions for savings

As many as 38 per cent of women in rural and semi-urban India use Unified Payments Interface (UPI) at least once a week for groceries, utility bills and mobile recharges, according to a survey by fintech firm PayNearby, marking the growing popularity of digital payments in smaller places.

 

The survey, title “Women Financial Index 2026”, took responses from 10,000 women PayNearby agents who deliver finance services in rural and semi-urban India. About 85 per cent of the respondents said they are the primary savers in their households, highlighting the role women play in managing family finances.

 

However, formal savings penetration is limited. Only 32 per cent of women save money through formal financial institutions such as banks or structured products.

 

The most common savings goals include children’s education, medical emergencies and household purchases.

 

Small-ticket savings products appear to resonate strongly. Nearly 98 per cent of women expressed willingness to save through flexible deposit products, such as recurring or fixed deposits that allow easy withdrawals.

 

Digital payments growing alongside cash

Cash withdrawals remain a critical financial service, particularly for managing daily household spending. The survey noted that most withdrawals typically fall in the Rs 1,000– Rs 2,500 range.

 

At the same time, digital transactions are steadily becoming routine. Seventy-one per cent of women now operate their bank accounts independently, signalling growing confidence in handling everyday financial tasks.

 

Trust also plays a key role in financial adoption. About 78 per cent prefer transacting through women agents, citing comfort and familiarity.

 

Interest rising in gold savings, insurance and credit

The survey also points to rising interest in investment and protection products. Around 44 per cent of women said they are open to investing in gold-based savings products through small-ticket SIPs, reflecting gold’s continued appeal as a trusted savings asset.

 

Insurance coverage, however, remains modest. Only 26 per cent reported having insurance, primarily health, life or accident policies.

 

Borrowing patterns show a similar trend toward purposeful financial use. Nearly 73 per cent said they are open to taking formal credit, mainly for healthcare, education, agriculture inputs, home repairs or small business activities.