Mobile wallet apps and services are pretty much a dime a dozen these days. Just check out TechCrunch’s “mobile wallet” tag – just about every month there’s a new one on the market. You’ve probably seen the Isis ads and tap points popping up all over your city. Even Google has jumped into the fray. We recently talked to Wallaby Financial CEO Matthew Goldman. Wallaby is yet another one of these app companies. He told us about an additional benefit of these services that many businesses aren’t highlighting: mobile wallets, and Wallaby specifically, may help women reduce their financial stress and make better money decisions.
Women’s Financial Stress
When we talked to Matthew Goldman, he referenced a Prudential Insurance survey that highlights some of the same statistics about women and purchase power that I’ve discussed at length on the CEM blog. Namely, women make the vast majority of purchase decisions within any given family.
In recent years, however, this decision-making has become extremely stressful, since huge numbers of American families are currently living paycheck to paycheck (different studies cite figures ranging from 25% to 60% of families, depending on city and sample size). Couple this with ongoing gender-based pay disparities and the fact that women often receive little guidance in terms of the best ways to manage finances, and you’ve got a recipe for a massive amount of financial stress that is largely shouldered by women.
How Mobile Wallets Might Help
Enter Wallaby, says Goldman. This new mobile wallet service, which is currently in beta, links all of a user’s credit and debit cards onto one card. Based on the service’s database of different rewards, discounts, and offers that come with a particular card, as well as individual credit lines, each purchase is directed to the account that will get the most benefit from money spent. So, if your Visa card gets the highest percentage cash back on gas, and your American Express gets the highest percentage cash back on groceries, those purchases will be funneled to the appropriate cards in order to get users the most rewards, without the hassle of keeping track of points and limited-time offers.
These types of functions are particularly useful to women, since, as I discussed in this article on the CEM blog, they’re the ones making purchases in a huge number of industries. And a mobile wallet app could potentially make those decisions easier, as it takes a significant amount of mystery about which card to use if you’re buying an insurance plan versus an airline ticket.
What You Can Do
Even if your company isn’t in the business of designing mobile wallet apps, there are tons of things you can do to ease the burden of financial stress for your female client base. Here are just a couple of options, based on both Wallaby’s strategies and tips I’ve picked up along the way during my research on marketing towards women:
- Create a user-friendly interface. Between juggling work, family, a social life, and all of those financial decisions, women typically lack the time to navigate a poorly-designed website, and will likely take their business elsewhere. Wallaby’s focus on reducing women’s financial stress is primarily through the service’s intuitive and automated design.
- Provide relevant and useful information. Women want to know what your product is, how it works, and why it’s better than your competitors’, not how good it looks in pink and purple.
- Get on board with mobile wallets and other digital pay apps. If services like Wallaby, Isis, and Google Wallet really take off with the female demographic, women may choose to patronize businesses that accept this new payment option over those who don’t.
These are just a few areas where you can draw in female customers by reducing the financial stress associated with your business. We’d love to hear more suggestions in the comments section!
Does your business currently accept payment through mobile wallet apps and services? Why or why not?
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