- Data security was one of the biggest concern
- India led discussion on payments innovation - followed by Indonesia and Nigeria
Digital wallets are the main topic of discussion online when it comes to payments innovation in some of the world’s biggest emerging markets including India, China, Indonesia, Malaysia, Nigeria and the UAE, according to a MasterCard study.
Of all the payment innovations that were part of the Mastercard study, people everywhere were most excited about digital or mobile wallets, despite the fact that some of the products being talked about haven’t yet been rolled out in any of the markets covered by the survey.
The study also found that people’s greatest concern when it comes to taking up innovative payments technology is how vulnerable their data could be to hackers and criminals. The announcement that MasterCard is looking into facial recognition software that would allow people to use a selfie to complete a transaction was widely discussed across the region, showing that there is interest in using biometrics to make payments both easier and more secure.
Of all the emerging markets, India was where most discussions on payments innovation took place – with nearly half the total number of posts (48 per cent) – followed by Indonesia (22 per cent) and Nigeria (10 per cent). Overall, the majority of posts were driven by news-story sharing with 95 per cent positive/factual tonality.
Matthew Driver, group executive, Global Products & Solutions, Asia Pacific, MasterCard, said, “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. 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. 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.”