New Technologies Driving New Conversations on Payments and Demands for Access
February 25 2019 - 2:00AM
Business Wire
Sixth Mastercard Digital Payments Study
Highlights Social Media Trends Around the Increased Purchasing
Power Available In the Palm of Our Hands
Want to grab that purchase and go? You’re not alone. Today more
than ever, people are living an increasingly digital – and mobile –
life and they expect their ability to pay for their needs and wants
to match that same “always on” mindset, according to social media
conversations identified in the 2019 edition of the Mastercard
Digital Payments Study.
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According to social media conversations,
more people than ever expect that "always on" digital mindset to
reflect in the ways they pay.
Mobile payments represented more the 27 percent of the total
social media conversation around payments, with total mentions
increasing 20 percent over the prior year. Mentions of mobile
wallets specifically more than doubled since 2017.
Now in its sixth year, the study, developed in partnership with
PRIME Research, analyzed more than 3.3 million conversations from
the past year across several social media channels, including
Twitter, Facebook, Instagram and Weibo.
“On-demand isn’t just an expectation for cable and content
provider; it’s a reality for how people say they want to shop and
pay every day,” said Rose Beaumont, senior vice president of
European communications and sales enablement at Mastercard. “In
this year’s study, we see just how much these fast, convenient and
secure ways to pay are being embraced across all markets. And, it
points to the continued interest and demand for years to come.”
Interest in New Technologies
People are looking to newer technologies to have an impact on
their lives. In the past year alone, such mentions on social media
increased 30 percent since the last study. Today, nearly 20 percent
of all mobile commerce payments are focused on contactless payments
and mobile wallets. Beyond these primary focus areas, consumers are
interested in how artificial intelligence, QR payments and wearable
payments will impact their lives.
Overall, people are increasingly positive toward these newer
technologies. Virtually all (95 percent) mobile wallet
conversations were favorable, with 30 percent of posts praising the
speed, efficiency and simplicity of the current products.
The adoption of mobile payments is seen in markets across Asia
and Africa. India was the most dominant market – 30 percent – 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 percent).
Primed for Action with Peace of Mind
Among the conversations analyzed, consumers clearly continued to
be focused on the security of their money and their data as a
foundational requirement. In their posts, people recognize the
value of new technologies on delivering this peace of mind across
mobile payments.
Looking at the newer technologies:
- Biometrics reached a potential 111
million, driven primarily by an interest in voice payments and
fingerprint scanners
- Tokenization – and its critical role in
supporting and protecting payments of all type – was featured in
conversations reaching a potential audience of 11 million
viewers
While breaking news around data breaches drove one-fifth of
data-related conversations, another 13 percent of these
conversations noted the potential of digital security technologies,
including blockchain, tokenization and biometrics.
About Mastercard at MWC:
Mastercard will have a stand, located at Hall5 Stand5 D61, at
MWC Barcelona with a number of key execs available for media
interviews – for more information please visit our Digital Press
Kit or look at @MastercardNews throughout 25th – 28th February
2019.
About the Study
Mastercard, in partnership with PRIME Research, conducted its
sixth Digital Payments Study, designed to identify expanding
conversations on new ways to pay. More than 3.3 million public
social media posts were analyzed over a 12-month period (Jan 1st,
2018 – Dec 31st, 2018). These posts were made on Twitter, Facebook,
Instagram, Forums, Google+, YouTube, Vkontakte and Weibo in nearly
190 markets across the globe. The resulting report reflects
insights into new mobile payments product and category trends
across regions and countries.
About Mastercard
Mastercard (NYSE: MA), www.mastercard.com, is a technology
company in the global payments industry. Our global payments
processing network connects consumers, financial institutions,
merchants, governments and businesses in more than 210 countries
and territories. Mastercard products and solutions make
everyday commerce activities - such as shopping, traveling, running
a business and managing finances - easier, more secure and more
efficient for everyone. Follow us on Twitter @MastercardNews,
join the discussion on the Beyond the Transaction Blog and
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MediaSeth Eisen(914)
249-3153Seth.eisen@mastercard.com
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