Contactless payments and mobile wallets increasingly important for consumers

Contactless payments and mobile wallets increasingly important for consumers

Consumers are getting used to the idea of being able to pay anytime, anywhere, anytime and however they want. Research on social media shows that the attention for contactless payments and mobile wallets is increasing considerably. The convenience of this seems to be leading to its popularity.

Each year Mastercard publishes the Digital Payments Study, in which it looks at new trends in the payment landscape. The survey was conducted in conjunction with Prime Research, and as part of the survey, the companies viewed more than 3.3 million calls on various social media, including Facebook, Instagram, Twitter and Weibo.

Easy payment

In the study, the specialists looked at the way in which people on social media talk about payments. In 27 percent of these cases, the call was about mobile payments, which is a strong growth of 20 percent compared to the previous year. The number of times that mobile wallets were mentioned also doubled. This is also reflected in the real world; the number of contactless and mobile wallet payments grew to 20 per cent.

Mastercard also looked at the underlying reasons for this increase. Most conversations about contactless and mobile payments mentioned speed, efficiency and simplicity as the main reasons. And no less than 95 percent of the mobile payment calls had a positive approach. According to Rose Beaumont, senior vice president of European communication and sales at Mastercard, direct payment is the reality of how people want to shop and pay on a daily basis.

Safety first

According to Beaumont, the study mainly shows how quickly people embrace these kinds of new trends. Despite increasing demand, many consumers also seem to be focused on the safety of their money. According to the study, people recognise the value of this type of new technology, but they also want it to be secure payment methods in which not only their identity, but also their assets are well protected.

Many of the conversations were not only about the new techniques, but also about safety. Techniques such as voice payments and fingerprint scanners and the role they play in new payment techniques were also often discussed.

This news article was automatically translated from Dutch to give a head start. All news articles after September 1, 2019 are written in native English and NOT translated. All our background stories are written in native English as well. For more information read our launch article.