Figuring out how, why, when and where consumers will adopt, en masse, new ways to pay is the mobile payments riddle, wrapped in an enigma, shrouded in mystery. And it’s a puzzle that many an innovator has been trying to solve for a very long time.
Well, today, those innovators may have some brand new clues that could make that riddle easier to solve.
MasterCard has released brand new research that provides new insight into the two big questions that are top of mind for every innovator in this space:
The answers, based on analyzing 1.6 million unprompted online conversations via social media posts (Twitter, Facebook, Weibo, Instagram, YouTube, etc.) related to shopping and retail — across 61 markets — were deceptively simple.
It’s not really about payment; it’s about something MasterCard is calling shopping at the “speed of life.”
Regardless of where consumers live, they demand more out of their retail experience — which includes the payment process – less friction simpler and more innovative ways to pay.
“Key findings from the study indicated retailers are experiencing a shift in consumer expectations, requiring new and richer experiences, which will enable consumers around the world to shop at the ‘speed of life,'” the MasterCard study concluded.
Key findings identified from the MasterCard “Retail Social Listening Study” include:
[bctt tweet=”How does innovation in payment tech motivate consumers to choose a specific payments method?”]
“The wave of social engagement we see every time new payment innovations are rolled out truly reflects the demand and desire for new and more convenient ways to pay. It also shows that payments have really moved into the heart of the shopping experience — causing frustration when not accepted and engagement when fast, easy and personal,” said Carlos Menendez, executive director for international markets at MasterCard.
The study also highlighted results by region to illustrate the differences and similarities across markets.
Leading Conversation Topic By Region |
What consumers had to say about how they prefer to pay |
North America |
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Latin America |
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Europe |
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Middle East and Africa |
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Asia and the Pacific Rim |
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The study also tracked conversations by region to, again, highlight the differences and similarities.
Conversations Around Key Trends |
Responses By Region |
Safety & Security
|
Spain (50 percent)
Nigeria (43 percent) India (40 percent) Australia (34 percent) Mexico (24 percent) |
Convenience
|
Australia (53 percent)
USA (39 percent) Germany/France (33 percent) U.K. (27 percent) |
Rewards & Benefits
|
U.S. (45 percent)
Australia/Japan (44 percent) Germany (26 percent) U.K. (22 percent) |
Acceptance & Declines
|
Japan (85 percent)
Canada (84 percent) Netherlands (83 percent) India (71 percent) U.S. (64 percent) |
What this study shows, as demonstrated by the figures above, is that consumers have a strong desire for retailers to adopt new payment technologies, but they still have strong concerns (as expected). But what’s most noteworthy is how consumer payment preferences vary by region. Moreover, the conversation trends vary by region just as much.
But regardless of how consumers prefer to pay, one thing is clear: Consumers want their digital payment experience to be safe, secure, to offer new and innovative benefits and to be convenient. Most of all, they want ubiquitous mobile payment acceptance.
And like MasterCard, that’s what most payment players are after, too.