Sixth Mastercard Digital Payments Study Highlights Social Media
Trends Around the Increased Purchasing Power Available In the Palm of
Our Hands
BARCELONA, Spain & PURCHASE, N.Y.--(BUSINESS WIRE)--
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,
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Media
Seth Eisen
(914) 249-3153
Seth.eisen@mastercard.com
Source: Mastercard Investor Relations