They recognize the value of new payment technologies
Mastercard study shows what consumers think about payment tech. Source: shutterstock.com
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.
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 analyzed more than 3.3 million conversations from the past year across several social media channels, including Twitter, Facebook, Instagram, and Weibo.
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. Today, nearly 20% 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%) mobile wallet conversations were favorable, with 30% of posts praising the speed, efficiency, and simplicity of the current products.
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.
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