Self-described as “the world’s leading lifestyle app for insights into how your money behaves”, personal finances management and wallet app Wally, has launched a redesigned version, Wally+, for android users. Wally allows users to manage multiple accounts (social, family, work, personal, etcetera), tag friends in expenses, and assess their financial standing compared with other people.
The app was first released in 2013 for iPhone users, maintaining a global of 4.7 out of 5 stars on the Apple App Store, and reached the number one position in finance apps across 22 countries and the top 10 in 52 countries (with India, China and the US as the top three markets). “Wally has been lauded by users and critics alike for using machine learning to adapt to user behavior, giving them real-time insights into their spending patterns, and using a design driven approach,” says a statement announcing the launch.
UAE residents are overall financially conscious; 78 percent of them consider financial stability and independence to be their top priority. However, only 41 percent of UAE-residing millennials live comfortably on their personal income; and 31% percent that they are just getting by and finding it difficult to meet expenses on their current income. Credit card expenditure is increasing rapidly; in 2014, total payments through credit card increased more than 50 percent to 109.6 billion AED. With over 74% of the population using a smartphone, Wally+ helps UAE residents get in control of their money with actionable insights into where their money goes.
According to a fact sheet shared by Wally, 66 percent of millennials are the chief wage earners in their family, 41 percent live comfortably on their personal income, 31 percent claim they are just getting by or find it difficult to meet expenses on their current income and 78 percent place priorities on financial stability or independence. In this regard, an app like Wally should help in addressing millenials’ need for constant connection to and monitoring of their personal finances.
“Millennials’ financial lives are becoming more fragmented and complex, with each person juggling several accounts, various payment methods, and different forms of debt. Wally+ gives people a comprehensive picture of their money by allowing their past expenses, present financial situation and future aspirations to come together holistically.” says in the statement Saeid Hejazi, Wally founder and CEO. “Unlike other personal finance apps, Wally does not require any details about your account numbers or banking passwords to work.”
“Adding dimensions of why and who allows us to appreciate each experience. It inspires us to keep our money in check, so we can continue to enjoy them in the future” continues Hejazi.
“Our financial lives have always been private and un-discussed, which keeps us from having information on where we stand financially.” adds Nicole Abi-Esber, Wally’s behavioral economist, in the statement. “Any financial tool can tell you if you spent 15 percent of your income on dining out but Wally+ goes further. It uses these peer comparisons to let us answer questions like ‘Are my spending patterns typical? Do I save more or less than people like me?’”she continues.
Upon popular demand, the Wally team has decided to make the app available in 18 languages. The reservation system for access to Wally+ Beta is now open and accessible via the Android app stores. Users are urged to reserve their spots in line to obtain access to Wally+ Beta.