A debit executive with MasterCard International said her group is making women a “key target.”
One goal of a recently launched MasterCard rewards program — other than to boost card use — is to raise women’s awareness of the debit cards’ benefits, especially “the control, the simplicity, and use for everyday purchases,” said Patricia Preston, a senior vice president in the U.S. debit product management group.
Issuers trying to sign up more women “should make sure the debit card is well understood” by them, Ms. Preston said. “Some do it really well, and some may not.”
Three people who use their MasterCard debit card between April and May will win $1,000 a month for the next 10 years. Every purchase made with the card will be an automatic entry into the MasterCard Monthly Bonus Sweepstakes.
Anyone can win, but all the advertising around the promotion targets women. MasterCard itself is using radio and print ads, and issuers are doing direct mailings.
A survey conducted for MasterCard by Millward Brown Group found that 61% of those with the heaviest use of debit cards are women. Women manage household finances in 75% of homes, and 83% manage the family checkbook, it found.
“Women are the chief financial officer of the household,” Ms. Preston said. “We’re constantly buying those everyday purchases, whether at the supermarket, the CVS, or the co-payment at the doctors.”
While men prefer cash to debit cards, 44% to 29%, women prefer debit cards to cash, 33% to 30%, the survey found. Men generally carry about $100 in cash and women about $20, it found.
Ms. Preston predicted debit card use among women will grow quickly in two important markets where acceptance of card payment has recently become common — doctor’s offices and fast-food restaurants.
Most survey participants gave speed, convenience, transparency, and security as reasons for using a debit card over other forms of payments.
Issuers need to “understand that they can tailor how they talk about debit to this group,” Ms. Preston said.
She added: “It’s not just about having a woman-only product. If the hot buttons are speed, flexibility, and convenience, let that resonate through your call center or your branch.”
MasterCard had to be careful not to alienate men in its attempt to enroll more women, she said. “It was tricky coming up with a campaign. You don’t want to shut out any population.”
The online survey, conducted from between May and June, polled 1156 debit cardholders ages 21 to 65.
