Consumers want on-demand payments, Mastercard

People increasingly expect payments to match their “always on” mobile mindsets, according to social media conversations covered by the 2019 edition of the Mastercard Digital Payments Study.

The research, developed in partnership with PRIME Research, analysed more than 3.3 million conversations from the past year across the likes of Twitter, Facebook, Instagram and Weibo. Mobile payments represented more than 27% of the total social media chatter around payments, with total mentions increasing 20% over the prior year. Mentions of mobile wallets more than doubled since 2017.

People are looking to newer technologies to have an impact on their lives. In the past year alone, such mentions on social media increased 30% since the last study. Today, nearly 20% of all mobile commerce payments are focused on contactless payments and mobile wallets. Beyond these primary focus areas, consumers are interested in artificial intelligence, QR payments and wearable payments.

They are also focused on the security of their money and their data as a foundational requirement. There was much talk of biometrics, driven primarily by an interest in voice payments and fingerprint scanners, and also blockchain and tokenization.

“On-demand isn’t just an expectation for cable and content provider; it’s a reality for how people say they want to shop and pay every day,” says Rose Beaumont, Senior VP of European Communications and Sales Enablement at Mastercard. “In this year’s study, we see just how much these fast, convenient and secure ways to pay are being embraced across all markets. And it points to the continued interest and demand for years to come.”