MasterCard Study on Consumer Sentiments Shows Accelerating Mobile Payment Adoption

A big question with mobile payments has always been the issue of adoption. With fragmented technology, limited availability, and security concerns, the answer has been murky for a while, but now it seems the answer might be a very clear “yes.”

At least that’s the major conclusion from a major new study of consumer sentiment by MasterCard, the credit card company who has profited from plastic for decades. According to their study of over 19 million social media posts in partnership with PRIME Research, there is more positive chatter about mobile payments than ever.

According to the study, 94 percent of social media discussions about mobile payments was favorable in 2014, a massive increase from 77 percent in 2013 and 70 percent in 2012.

Also, the number of conversations about mobile payments has exploded, which is likely thanks to the introduction of Apple Pay in 2014, which now accounts for two-thirds of all contactless payment dollars.

The discussions aren’t only about the almighty Apple, though.

According to the report, tokenization and biometrics—key security advances that expanded rapidly in 2014—have helped make mobile payments safer, and more consumers feel more comfortable with m-payments as a result.

By far, the biggest benefit for m-payments is convenience. According to MasterCard’s study, convenience was the “most positive aspect of mobile payments,” although the study also noted that consumers are “excited to share specific purchases made with mobile devices.”

If nothing else, m-payments are facilitating conspicuous consumption like never before.

Surprisingly, incentivizing mobile payments with coupons and loyalty programs doesn’t seem to be that big of a deal yet.

Less than a quarter of social media conversations discussed these benefits, suggesting an opportunity here.

Perhaps smaller startups can compete with Apple more seriously if they offer the one thing Apple never will to users: a bribe.