Electronic Payments through Online Entrepreneurship Open Doors for Women in India
“The ability to participate in the digital economy isn’t just life-changing for low-income women, it can also benefit economies. Digitalization of small and medium businesses could add anywhere between $158-216 billion to India’s GDP by 2024.”
-World Economic Forum
wegg is always at the forefront of educating women entrepreneurs on cutting-edge business strategies and new financial evolutions that the global economy and currencies shift towards. From hosting the thought-leaders of the new generation of women founders on our international and accessibility-focused platform to researching and promoting the latest and greatest marketing trends, we know that staying in business requires entrepreneurs to change with the times.
A topical write-up from the World Economic Forum titled, “How digital payments bring new economic opportunities for women in rural India,” explains how the efforts of the largest trade union in India: the Self-Employed Women’s Association (SEWA), which recently became a member of the United Nation-based Better Than Cash Alliance, has positively impacted the lives of women entrepreneurs in rural India by training “400,000 women in how to use digital payments.”
This is significant because of how rural businesses were devastated in the aftermath of the COVID-19 pandemic. If businesses are not able to change as the world changes, then the businesses become obsolete. The article states,
“India had over 63 million micro, small, and medium enterprises in 2020, half of whom are in rural areas, and approximately 20% of those rural enterprises are owned by women. These enterprises are accustomed to dealing solely in cash and when the COVID-19 pandemic struck, livelihoods were hit hard. Digital payments offer these women greater economic opportunities and the tools to build a resilient business.”
Armed with the right tools and new-age knowledge, the future of entrepreneurship for women in rural India has grown and expanded thanks to organizations like SEWA.