In Numbers: UPI Turns 10 But Gender Disparity Remains In Payments Revolution
While India has achieved near-universal bank account ownership, a significant gender gap persists in the usage of digital financial services. Data shows that men are far more likely to use mobile money and online banking than women, highlighting a disparity that exceeds global averages.
Why it matters
Understanding this gap is crucial for policymakers aiming to ensure that the digital payments revolution benefits all demographics equally, fostering true financial inclusion.
India's payments landscape was transformed a decade ago when the National Payments Corporation of India (NPCI) launched the Unified Payments Interface (UPI) on August 25, 2016. Today, India accounts for nearly half of the world's real-time payment transactions. Yet, beneath this success story lies a persistent gender divide.Despite the rapid growth of digital payments, usage remains significantly lower among women, suggesting that the digital payments revolution is still largely driven by men.India Closes Gender Gap in Bank Accounts OwnershipIndia has largely achieved the first milestone of financial inclusion: bank account ownership. Through initiatives such as the Pradhan Mantri Jan Dhan Yojana (PMJDY), access to formal banking has expanded dramatically, particularly among women."Around 43% of women in India had an account at a bank or similar financial institution in 2014, compared with 62% of men, a gender gap of nearly 20 percentage points.
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