Beyond UPI: Women Entrepreneurs Are Leading India’s Next Digital Finance Revolution

As Digital India enters its 12th year, Indian women entrepreneurs are moving beyond digital payments to digital wealth creation. From accessing business credit to investing online, a new generation of founders is reshaping the country’s financial landscape.

For much of the past decade, India’s digital finance story could be summed up in one number: how many people had started using UPI.

That story is changing.

The next chapter isn’t just about making digital payments. It’s about using digital platforms to build businesses, access capital and create wealth. And increasingly, women entrepreneurs are leading that transition.

The timing is significant.

As India marked 11 years of the Digital India initiative this week-a programme that transformed everything from digital identity and payments to internet access and public services-a quieter transformation has begun to take shape.

Women are no longer simply participating in the digital economy as consumers.

They are becoming investors, borrowers and business builders.

A new report by DBS Bank India, prepared in partnership with Deloitte Touche Tohmatsu India LLP (DTTI LLP), offers a glimpse into how this shift is unfolding.

From Digital Inclusion to Digital Ownership

When Digital India was launched in 2015, the challenge was getting millions of Indians into the formal financial system.

Today, that objective has largely been achieved.

India has more than 1.03 billion internet users, Aadhaar covers nearly 1.4 billion people, and UPI has become the world’s largest real-time payment system, processing 23.2 billion transactions in May 2026 alone.

The country’s digital infrastructure has also helped fuel the growth of more than 2.40 lakh DPIIT-recognised startups, which have together created nearly 24 lakh direct jobs.

The question now is no longer whether people have access to digital finance.

It is how they are using it.

For women entrepreneurs, the answer is becoming increasingly clear.

Payments Were Only the Beginning

The DBS study surveyed 1,342 women across India, including female entrepreneurs, high-net-worth women and rural women earners.

Among all the groups studied, women entrepreneurs emerged as the most active users of digital financial services.

An overwhelming 84% said they regularly use digital payment platforms in their businesses.

UPI continues to dominate, with 72% of female entrepreneurs using the platform.

But perhaps the most important finding lies beyond payments.

The report shows that women entrepreneurs are increasingly adopting financial tools that directly support business growth.

Nearly 38% now use digital loan and credit platforms, while 29% actively use brokerage and investment platforms.

That marks an important shift.

Digital finance is no longer simply helping women run their businesses.

It is helping them finance expansion, manage investments and build long-term financial security.

Building Businesses—and Wealth

For decades, India’s financial services industry largely viewed women as savers rather than investors.

That perception is beginning to change.

Today, 91% of Indian women have bank accounts, reflecting the success of financial inclusion initiatives over the past decade.

Yet only 25% participate in the stock market.

That gap represents one of India’s biggest untapped financial opportunities.

The increasing adoption of brokerage platforms among women entrepreneurs suggests that more founders are beginning to move from saving money to investing it.

Among high-net-worth women surveyed, 28% already use brokerage platforms to manage their investments digitally.

For India’s startup ecosystem, this matters.

Entrepreneurs who understand capital are often better equipped to allocate it, raise it and grow their businesses.

Technology Is Becoming a Growth Investment

The report also offers an insight into how women entrepreneurs are choosing to spend their money.

Their priorities reflect businesses preparing for growth rather than simply managing day-to-day operations.

Among those surveyed:

• 65% spend on employee salaries and contractor payments.
• 53% invest in marketing, branding and customer acquisition.
• 37% spend on software, technology platforms and digital tools.

That spending pattern says as much about ambition as it does about business management.

Technology is no longer viewed as a support function.

It has become a strategic investment.

The Story Doesn’t End at India’s Borders

The trend is visible beyond India as well.

Separate data from investment platform Belong points to a rapid rise in women participating in cross-border investing.

Women now account for 7.3% of Indian NRI investors, up from 4.3% a year earlier—a growth of nearly 70%.

The numbers become even more interesting when viewed geographically.

Women make up 11.4% of NRI investors in the United States, United Kingdom, Canada, Australia and Europe.

In comparison, they account for 6.8% of investors in Gulf countries.

The difference appears to reflect migration patterns rather than investment intent.

In many Western countries, Indian diaspora households are more likely to have dual incomes, giving women greater financial independence and a larger role in long-term investment decisions.

Migration to the Gulf has historically been driven by contract-based employment and single-income households, creating a different pattern of financial participation.

The data reinforces an important point.

There is no single Indian investor.

Financial behaviour is shaped by geography, family structures and economic opportunity.

Credit Is Becoming a Business Tool

Another trend emerging from the study is the growing use of credit cards among women entrepreneurs.

Half of those surveyed said they use personal credit cards regularly.

Among them, 19% use them every day, while 31% use them several times a week.

Travel-related rewards—including hotel stays, air miles, airport lounge access and travel insurance—emerged as the most preferred benefits, particularly among younger entrepreneurs.

The findings suggest that India’s new generation of women founders is becoming more mobile, more digitally connected and increasingly comfortable using formal financial products.

Trust Still Matters

While digital adoption continues to accelerate, the report highlights one factor that remains central to its success-trust.

According to Divyesh Dalal, Managing Director and Country Head, Global Transaction Services, Corporate Banking, Financial Institutions and SMEs at DBS Bank India, women entrepreneurs are increasingly relying on digital platforms not just for payments but also for payroll, business credit, customer acquisition and future planning.

He noted that sustaining this momentum will require financial institutions to go beyond traditional banking and build connected ecosystems that support entrepreneurs at every stage of their growth journey.

The Next Phase of Digital India May Be About Wealth Creation

The first decade of Digital India was about expanding access.

The next decade may be about expanding opportunity.

India has already built one of the world’s most sophisticated digital public infrastructure ecosystems.

Now, entrepreneurs are beginning to use that infrastructure in more meaningful ways.

Women founders are no longer just accepting digital payments.

They are borrowing to grow, investing to build wealth and making financial decisions that shape the future of their businesses.

That progression—from financial inclusion to financial ownership—could become one of the defining trends of India’s entrepreneurial economy.

Digital India gave millions of women the tools to participate in the formal economy.

The next chapter may see many of them become the architects of India’s next wave of startup growth and wealth creation.

For a country that is aiming to become a global innovation powerhouse, that may be one of the most important stories still unfolding.