Consumers Voice Preferences, Wishes in Ways Technology Power Payments
February 28 2017 - 10:00AM
Business Wire
Fifth Annual Mastercard Digital Payments
Study Highlights Social Media Trends Around Digital Wallets,
Artificial Intelligence and More
Digital wallets continued to gain prominence in smartphones and
laptops across the globe and dominated the discussion of new ways
to pay, with the topic now topping 75 percent of conversations
tracked in the 2017 edition of the Mastercard Digital Payments
Study.
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The fifth annual Mastercard Digital
Payments Study, conducted in partnership with PRIME Research,
identifies key trends around digital payment methods, technologies
and purchases. This year, we examined more than 3.5 million social
conversations from 188 markets across the globe to determine how
consumers are talking about ways they pay and which innovations are
most exciting. (Graphic: Business Wire)
At the same time, consumers are showing an increased interest in
the application of new technologies to make shopping faster, easier
and more secure. The topic of virtual reality generated the most
positive sentiment as shoppers imagine completing a purchase with
the simple nod of their head.
Now in its fifth year, the study, developed in partnership with
PRIME Research and Synthesio, analyzed more than 3.5 million
conversations from the past year across several social media
channels, including Twitter, Facebook, Instagram and Weibo.
“Technology is making the promise and the potential of a
less-cash life a reality for more people every day,” said Marcy
Cohen, vice president of digital communications at Mastercard.
“This year’s study notes a change in the level of interest for new
ways to shop and pay that only a few years ago would have seemed
farfetched.”
Embracing Emerging
Technologies
The increased acceptance of digital wallets in-store, online and
in-app generated more than 2 million mentions, with 84 percent of
them taking place on Twitter. Beyond the payment, consumers looked
forward to additional functionality like storing loyalty cards and
supporting closed-loop public transportation systems.
The activation of newer technologies like artificial
intelligence and smart home assistants was the second most
discussed payment topic throughout 2016. These new ways to pay
generated particularly strong consumer interest in the fourth
quarter, as people discussed how they might shop with newer,
smarter devices.
- On the Go – Wearables was the
leader among emerging technology topics, driven by partnership
announcements from technology developers and payment providers. In
the Asia Pacific region, consumers shared rumors of mobile wallet
integration with wearables.
- At Your Service – Smart
assistants, virtual reality and artificial intelligence also
emerged as new payment technology interests. Consumers across North
America showed an increased interest throughout the year in the
simplicity of sending and receiving mobile payments with one
comment to a smart assistant.
- Connecting Your Devices: The
Internet of Things was a hot topic with the majority of
conversations taking place in North America (44%) and Europe (34%).
Discussion centered on the Internet of Things becoming the Internet
of Payments where payments could be enabled in any connected
device.
Peace of Mind Today and
Tomorrow
In their conversations, people continually noted that the
success of new technologies and new ways to pay will be dependent
on the security and protections delivered beyond what’s available
today. Nearly half of consumers (43 percent) expressed interest in
biometrics and other forms of authentication to deliver enhanced
security, reduce fraud and move beyond traditional passwords.
- At Your Fingertips – New
developments in facial recognition and fingerprint and touch
authentication drove over half of biometric/authentication
conversations (51 percent). The social buzz around these new
biometric and authentication technologies was overwhelmingly
positive.
- Say Cheese – Facial recognition
conversations focused on the Mastercard Identity Check Mobile app,
Google’s Hands Free app and a Snapchat patent to incorporate a
payments platform with real time services.
- Ditch Your Password: Consumers
complained about entering, forgetting and resetting passwords and
expressed interested in getting rid of passwords altogether with
easier, improved authentication.
Download our Mobile World Congress 2017 app or find a complete
list of Mastercard news announcements in our Digital Press Kit.
Check out our Periodic Table of Payments to brush up on your
payments knowledge. Follow us @MastercardNews or using the
hashtag #MWC17 to join the conversation.
About the Study
*Mastercard, in partnership with PRIME Research, conducted its
fifth annual Digital Payments Study, designed to identify expanding
conversations on new ways to pay. Mining more than 3.5 million
social media posts via Synthesio over the past year across Twitter,
Facebook, Instagram, Forums, Google+, YouTube, Vkontakte and Weibo
and covering 188 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. We operate the world’s
fastest payments processing network, connecting 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 subscribe for the latest news on the Engagement
Bureau.
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version on businesswire.com: http://www.businesswire.com/news/home/20170228005427/en/
MastercardRebecca Kaufman,
914-249-5118rebecca.kaufman@mastercard.com
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