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Digital payments Driving Social Media Conversations – Mastercard

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The Sixth Mastercard Digital Payments Study has revealed that conversations around digital payments were increasingly gaining ground as 27 per cent of the total social media mentions in 2018 were on mobile payments.

According to the report unveiled at the 2019 Mobile World Congress in Barcelona, this was a 20 per cent improvement from the 2017 figures. Mastercard said the adoption of mobile payments was seen in Nigeria and other African countries as well as Asia.

It noted that India was the most dominant market at 30 per cent, where there were discussions regarding the use and potential of mobile wallets, particularly public transit and the use of QR-based payments, with reference to MasterpassQR and PaytmQR.

The report said the United States was a distant second in consumers’ discussions on mobile wallets, at 10 per cent.

“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,” it added.

The report stated, “Mobile payments represented more the 27 per cent of the total social media conversation around payments, with total mentions increasing 20 per cent over the prior year. Mentions of mobile wallets specifically more than doubled since 2017.”

“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.

It explained, “Today, nearly 20 per cent 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 per cent) mobile wallet conversations were favourable, with 30 percent of posts praising the speed, efficiency and simplicity of the current products.”

Among the conversations analysed, Mastercard found that consumers continued to be focused on the security of their money and their data as a foundational requirement.

In their posts, the study found that people demonstrated knowledge of the value of new technologies on delivering peace of mind across mobile payments.

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