Determining the Inter-Relationship between Key Drivers of Fin-Tech Adoption Among Women Entrepreneurs in India

Abstract

With a population of over 1.4 billion, nearly 48% of whom are women, India is the most populous nation on earth. These days, women are contributing significantly to each of the three economic areas. Despite making up 48% of the population, just 18% of the GDP is contributed by Indian women, according to a National Family Health Survey report. Nevertheless, women barely run 14% of Indian companies at this moment. According to the most recent census, 8.05 million (13.76%) of India’s women are entrepreneurs out of 58.5 million women. Amid the increasing number of start-ups, India is emerging as a global leader in entrepreneurial endeavours, mostly due to the noteworthy contribution of female entrepreneurs. India’s startup ecosystem has transformed, which is a testament to the tenacity and diligence of the women who are rewriting the nation’s entrepreneurial history. Fin-tech start-ups in India have made it easier for women to access financial resources while educating them about money management. Despite India’s booming fin-tech industry, a gender gap persists in its adoption by women entrepreneurs. This research paper aims at establishing the inter-relationship between the key drivers influencing fin-tech use among women entrepreneurs in India. The paper discusses how factors like Financial Literacy, Financial Access, Socio-Cultural Factors, Regulatory Factors, Technology Factors and Psychological Factors affect women entrepreneurs’ decisions to adopt fin-tech solutions. It offers suggestions to policymakers and the government for addressing the financing gap for female entrepreneurs.