FemPe credit card for women as a means of financial independence

Abstract

Females make 50% of the global as well as the Indian population (1.4 billion). In India, females primarily take care of households, but today’s generation is breaking the status quo and contributing to the working population and entrepreneurs running various scales of businesses. But the usage of credit cards is much different for women than men. Less women than males use credit cards, and they have less access to credit overall. This difference may be brought on by sociocultural factors including gender norms and expectations, as well as a lack of financial literacy and awareness among women. Also, women are more prone to make lower-value purchases and to utilise credit cards for last-minute expenditures as opposed to regular shopping. Financial institutions are making efforts to increase credit card accessibility and inclusion for women in India, therefore the situation is gradually improving. Our study is aimed to research the Indian market and identify the credit needs of female customers across income brackets and key gaps that exists in their customer journey and develop solutions that are suitable in the Indian context and financially sustainable. We want to create a community where new-age mechanisms build credit ratings and access to networks, products, financial education help women become financially independent and recapture their stake in the economy.