Latest MasterCard Study Shines Light on Digital Wallet Innovation

MasterCard, in collaboration with PRIME Research, released a study on the penetration of payments technology in leading social media channels (Twitter, Facebook, Instagram, Forums, Weibo, Google+ and YouTube).

The research covered 10,438 social media posts between May and July 2015.

“The findings from MasterCard’s latest social listening research demonstrates the incredible appetite for innovation in emerging markets. In terms of payments technology, people everywhere are looking for newer and more convenient ways to pay provided it is secure and easy to use,” said Matthew Driver, group executive, Global Products & Solutions, Asia Pacific, MasterCard.

Results of the study showed that individuals based in the Middle East, Africa and Asia Pacific were concerned about payments security and safety.

Specifically, people showed interest in biometric authentication. Recent announcements of facial recognition testing for mobile transactions contributed to this trend. It is likely that the topic will to continue to fuel conversations on social media, as MasterCard opens the pilot program to more regions.

The group also highlighted that out of all the emerging markets, India dominated the survey with the most posts analyzed (48 percent). Indonesia and Nigeria followed at 22 and 10 percent.

Surprisingly, a large bulk of the shared posts originated from digital media outlets. Over 95 percent of the content had a positive tone towards activities in the payments space.

“In markets such as India, China and Nigeria, the speed of mobile penetration has had a massive impact on financial access and inclusion, with people moving from not having a bank account to straightaway being able to make payments via SMS whether it is for bills or digital content,” explained Driver.

“With millions of consumers finding new ways to connect via mobile and more merchants going digital, the world’s emerging markets will be at the forefront of innovation and the adoption of new payments technology.”