• Wed. Aug 3rd, 2022

An easy mobile banking payment app for women entrepreneurs

Women juggle many roles – head of household, mother, employer, micro-enterprise owner, entrepreneur. All of these roles require financial tracking for savings and payments, and you likely use different bank accounts for household, business, and personal expenses. Now there’s a mobile banking app, with prepaid Mastercard too, that can help you easily manage all your money and mobile payments from one place. Her name is Lucia!

Filling the gaps in mobile banking

The app was launched in September 2021 with the aim of helping women in Singapore manage their finances. Co-founder DEBBIE WATKINS tells us how Lucy addresses the main challenges and pain points that women face in banking.

Why a mobile banking app specifically for women in Singapore?

Lack of access to adequate financial services is a universal problem; it is difficult for most financial institutions to be customer-centric and the products are very generic. So people usually end up with a product that doesn’t seem to solve a particular problem.

There are many gaps in mobile payment and money management services for women in particular. One of the main reasons behind this is that 98% of senior managers in banks are men. The focus is therefore not on understanding women’s lives and aspirations and designing products to solve their problems.

Who will find Lucy useful?

We have identified two groups of women in Singapore who need mobile banking services that are not really supported by traditional banks.

One group is made up of women home-based microentrepreneurs. Some of these women are also dependent and have difficulty opening a bank account in their name.

In addition to running their business, they are also CEOs of their household. They also have to manage household finances, help and personal expenses.

The other group is made up of foreign domestic workers. They suffer from what is called the poverty tax. Bank transfers to their families are expensive. About 40% of assistants are paid in cash, so they also don’t have an organized way to save money or a way to buy things online.

Using the Lucy mobile banking app, they can create as many accounts as they want for different purposes. There are no account opening fees and no minimum balance is required. Each account also comes with a physical prepaid Mastercard and can receive and send money using FAST and PayNow.

woman-holding-a-phone-with-Lucy's-mobile-payments-app

What mobile banking services does Lucy offer micro-entrepreneurs?

Microentrepreneurs can create an account at no cost to their business, with no minimum balance. It only takes five minutes and is completely digital. At the same time, they can also manage their household finances through the mobile payment app. For example, they can have a different account for groceries, bills, and personal expenses, and each can have their own prepaid Mastercard with the account name printed on it.

To help them manage their domestic helper’s salary, they can set up automated salary payments to their helper’s Lucy account. This account can be activated for payment of advance salaries and management of salary advances, all of which can be tracked on Lucy.

How does Lucy help foreign domestic workers?

Assistants can apply for the salary earned till the day or even an advance on their salary for a lump sum of 1 Singapore dollar.

They can access their Lucy account on their phone to send money at low cost and at the best exchange rates, including sending cash to agents. So they can enjoy their day off rather than spending hours at a money transfer agent or bank.

Lucy-mobile-payment-app-foreign-domestic-worker-holding-a-prepaid-Mastercard

They can also use their physical prepaid Mastercard linked to their Lucy account to shop online (as well as in physical stores or on public transport in Singapore). So they can use their prepaid Mastercard for online purchases at a store in their home country and have the item shipped to any address there.

Currently, Lucy’s remittances go to Indonesia and the Philippines. Myanmar is the next country we are considering, with more countries available by the end of this year.

How does Lucy help women with money management?

The different accounts on Lucy follow the principles of the pots of money that our grandparents used to have. Each jar contains savings for different things such as children’s education, monthly utilities, groceries and more. You can give each jar a name that you save for.

You can also set goals for each account, and as they save money on the Lucy mobile banking app, they can see how close they are to each goal.

If not, how does Lucy help women?

We’re launching a rewards program for the card on International Women’s Day, March 8. We work with NGOs on a Pay-It-Forward program.

Points are accumulated when payments are made with the prepaid Mastercard. Points can be redeemed for tangible things that benefit less fortunate women in Singapore. For example, sponsoring entrepreneurial skills training or providing a food parcel to someone living in a shelter. You can choose the reward that resonates the most with you.

Get the Lucy Mobile Banking App and Prepaid Mastercard

If you’re looking forward to managing your finances from one place, head over to Lucy’s website at welucy.com to download the mobile banking application. When you start setting up your accounts, you can also order prepaid Mastercards.

welucy.com

Here’s our guide on where to live in Singapore and where to shop online in Singapore too.

Patricea Chow

Having lived 10 years abroad, Patricea rediscovered Singapore through fun events, street photography and museum visits. She also enjoys reading, education, spending time with her family and children, and wheelchair travel.