Beijing: A Chinese bank has launched a new 'Pretty Mom' credit card targeting young mothers, a growing group in the world's most populous country known for their love of shopping and their greater say in the family budget.
The cards - issued by Agricultural Bank of China (ABC) - focus on the needs of new mothers with children up to the age of six by offering discounts on major baby product brands and early education institutions.
The bank is counting on women clients in cities to upgrade the bank's credit card services, said Liu Guiping, ABC's business director.
The new services will focus on consumer experience, state-run Xinhua reported.
ABC is not the first bank in China - the world's most populous country with 1.3 billion people - to show interest in women consumers.
The country's leading banks, including China CITIC Bank and China Everbright Bank, have already offered cards geared towards women.
Along with traditional financial services, the cards offer discounts or incentives for purchases related to "female industries", such as health, salons, cosmetics, clothing and accessories.
The banks have targeted Chinese women not only for their personal consumption but also due to their growing role in managing family assets, the report said.
A survey conducted by HSBC showed 63 percent of women interviewees from the mainland acted as decision-makers on money matters, higher than the figure for male interviewees.
CITIC's vice president Sun Deshun said its 'Lady Card' was consistent with the social trend of women becoming heads of households and "bosses" of family wealth management.
The bank has even established a new strategic brand targeting women as "the actual controllers of family assets", according to Sun.
Analysts believe women-oriented services will help integrate multiple financial products, including consumption, lending, mobile banking, insurance and investment management to boost financial innovation, the report said.
First Published: Saturday, April 19, 2014, 19:12