Study: Mobile shoppers want mobile payment
Constantly connected consumers are increasingly interested in using that connectivity for payment, according to a new study.
The 2019 Mastercard Digital Payments Study, developed in partnership with Prime Research, analyzed more than 3.3 million global conversations from 2018 across several social media channels, including Twitter, Facebook, Instagram and Weibo. Mobile payments represented more than 27% of the total social media conversation around payments, with total mentions increasing 20% from the prior year. Mentions of mobile wallets specifically more than doubled since 2017.
India was the most dominant market (30%) in discussing the use and potential of mobile wallets, particularly around public transit and the use of QR-based payments, led by specific references to MasterpassQR and PaytmQR in India. The U.S. was a distant second in consumer’s discussions on mobile wallets (10%).
Virtually all (95%) mobile wallet conversations were favorable, with 30% of posts praising the speed, efficiency and simplicity of the current products.
Among the conversations analyzed, Mastercard analysis shows consumers are focused on the security of their money and their data. The study examined social media conversations around several leading-edge payment security technologies, including:
• Biometrics reached a potential 111 million social viewers, driven primarily by an interest in voice payments and fingerprint scanners.
• Tokenization – and its role in supporting and protecting payments of all type – was featured in social conversations reaching a potential audience of 11 million viewers.
• While breaking news around data breaches drove one-fifth of data-related social conversations, another 13% of these conversations noted the potential of digital security technologies, including blockchain, tokenization and biometrics.
The 2019 Mastercard Digital Payments Study, developed in partnership with Prime Research, analyzed more than 3.3 million global conversations from 2018 across several social media channels, including Twitter, Facebook, Instagram and Weibo. Mobile payments represented more than 27% of the total social media conversation around payments, with total mentions increasing 20% from the prior year. Mentions of mobile wallets specifically more than doubled since 2017.
India was the most dominant market (30%) in discussing the use and potential of mobile wallets, particularly around public transit and the use of QR-based payments, led by specific references to MasterpassQR and PaytmQR in India. The U.S. was a distant second in consumer’s discussions on mobile wallets (10%).
Virtually all (95%) mobile wallet conversations were favorable, with 30% of posts praising the speed, efficiency and simplicity of the current products.
Among the conversations analyzed, Mastercard analysis shows consumers are focused on the security of their money and their data. The study examined social media conversations around several leading-edge payment security technologies, including:
• Biometrics reached a potential 111 million social viewers, driven primarily by an interest in voice payments and fingerprint scanners.
• Tokenization – and its role in supporting and protecting payments of all type – was featured in social conversations reaching a potential audience of 11 million viewers.
• While breaking news around data breaches drove one-fifth of data-related social conversations, another 13% of these conversations noted the potential of digital security technologies, including blockchain, tokenization and biometrics.