According to the latest MasterCard research, consumers have shifted their focus from questioning the security of mobile payments to now discussing the possibilities of enhanced digital experiences on devices.
In its third annual Mobile Payments Study, developed in partnership with PRIME Research, MasterCard tracked consumer opinion from 56 markets in North and South America, Europe, Africa, Asia and the Pacific Rim.
According to the study, overall sentiment around mobile payments continues to improve. In 2014, 94 per cent of global conversations were favourable, compared to 77 per cent in 2013 and 70 per cent in 2012. But the most positive conversations were centred around innovation, rewards, loyalty and convenience with 91 per cent average positive tone.
Conversations on digital innovation and the enriched experiences delivered by mobile and connected devices drove the majority i.e. 71 per cent of social discussions among stakeholders in 2014. Convenience was the most positive aspect of mobile payments with 94 per cent positive sentiment. Consumers were most excited to share specific purchases made with mobile devices, particularly how they could utilise them for everyday purchases.
Along with convenience, additional reward incentives – like coupon redemption and loyalty programs and points – were discussed frequently within innovation, which formed 24 per cent of stakeholder conversations. The additional potential benefits to be integrated into mobile payment offerings reinforced consumers’ loyalty to using mobile devices and 58 per cent of conversations were driven by consumers, and point to opportunities for MasterPass and other digital payment services.