PURCHASE, N.Y. –The “always on” mindset of most consumers today that is driven by digital and mobile options is affecting how they view payments, according to
an analysis of social media conversations released as part of the 2019 edition of the Mastercard Digital Payments Study.
Mobile payments represented more the 27% of the total social media conversation around payments, with total mentions increasing 20% over the prior year. Mentions of mobile wallets specifically more than doubled since 2017, the study shows.
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.”
The Findings
Among the other findings:
- 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% since the last study, according to Mastercard. Today, nearly 20% of all mobile commerce payments are focused on contactless payments and mobile wallets, and beyond these primary focus areas consumers are interested in how artificial intelligence, QR payments and wearable payments will impact their lives, Mastercard said.
- Overall, Mastercard said it found consumers are increasingly positive toward newer technologies. Virtually all (95%) mobile wallet conversations were favorable, with 30% 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% – 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%).
What Conversations Showed
Among the conversations analyzed by Mastercard, 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, Mastercard said.
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% of these conversations noted the potential of digital security technologies, including blockchain, tokenization and biometrics, the report found.