In a groundbreaking study by Marqeta, it has been revealed that British women are at the forefront of adopting the next generation of financial services, surpassing their male counterparts.
This trend is evident in their higher usage rates of digital financial tools such as mobile wallets and Buy Now, Pay Later (BNPL) solutions. Marqeta’s research, which surveyed 2,000 consumers globally, including over 500 from the U.K., sheds light on the gender dynamics within financial service adoption in the country.
According to the findings, 44% of female respondents in the UK reported using a mobile wallet in the last week, a significant lead over the 29% of male users. Furthermore, British women are also twice as likely to have engaged with instant digital credit options like BNPL in the past month, with 18% having used such services compared to 9% of men. This data underscores the active role women are playing in embracing new financial technologies.
Marqeta’s Chief Marketing Officer, Karna Crawford, highlighted the importance of these findings, stating, “While the world still has a long way to go to achieve gender parity in financial inclusion and literacy, our data highlights that in the U.K., female consumers are identifying and accessing the financial services that work for them and are leapfrogging their male counterparts in adoption and use of new and embedded technologies.
“These digital tools are designed to provide convenience and flexibility and improve rewards and experiences, and it’s great to see women embracing these benefits.”
The study also discovered that women are more inclined than men to use embedded payments, with 25% of women having made a purchase on a TikTok shop in the last year compared to just 12% of men. This inclination extends to the realm of embedded finance, where women show a slightly higher engagement with co-branded credit cards and rewards, emphasizing the growing trend of personalized financial services in the UK.
The concept of Super Apps, which integrate multiple services into a single platform, also resonated more with women, according to the research. Thirty-five percent of female respondents expressed interest in a unified app for messaging, social media, and banking, compared to 30% of men. However, the study also highlighted a cautious approach among women towards brand trust, with 42% stating they would not use a Super App from certain brands due to trust issues.
Crawford further emphasized the need for businesses to cater to the preferences of female consumers, “The data suggests that female consumers are responsive to the new, innovative ways that brands are delivering consumer experiences.
“Going forward, businesses need to continue offering the embedded finance tools women are engaging with, such as BNPL, Co-Branded Credit Cards and embedded payments, and doing so in a personalised way that is tailored to female consumers and what they want from the brands and services they use.”
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