Marqeta Research finds British Women Adopting Next Generation of Financial Services More Quickly than Men

Women are more likely than men to be embracing new digital financial services such as mobile wallets and Buy Now, Pay Later (BNPL) according to new Marqeta research. The research highlights trends in men and women’s ability to access, use and benefit from new financial services offerings in the United Kingdom.

The poll of 2,000 consumers globally – including over 500 in the U.K – found that women are embracing digital financial services, such as mobile wallets, in greater numbers than their male counterparts, with 44% of female respondents in the UK stating that they had used a mobile wallet solution within the last week, compared to just 29% of male respondents. British women are also twice as likely (18%) to have used new, instant digital credit options such as BNPL over the past 30 days as men (9%).

“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,” said Karna Crawford, Chief Marketing Officer, Marqeta. “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.”

Marqeta’s research also found that:

• Women appear more likely than men to have used embedded payments in the last year, with a quarter of women (25%) having made a purchase directly on a TikTok shop in the last 12 months compared to 12% of men.
• The personalisation and access to rewards provided by embedded finance is a trend in the UK, with the research finding that 17% of men have a credit card affiliated with a brand or store, compared to 19% of women.
• With Super Apps – essentially a mobile or web application that combines multiple services into one platform – becoming more widely discussed, it is women again who seem more responsive to innovation in this area, with 35% of female respondents confirming they would be interested in one app for messaging, social media and banking, compared to 30% of men.
• However, female respondents also expressed that they would only accept a Super App service from certain outlets, with 42% confirming that they would not be prepared to use ‘X’ because they don’t trust the brand.

“The data suggests that female consumers are responsive to the new, innovative ways that brands are delivering consumer experiences,” said Karna Crawford, Chief Marketing Officer, Marqeta. “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.”