Digital Wallets Lead Social Media Conversations on New Payment Technologies
Social media users seem to be very interested in digital wallets and new payment technologies, according to Mastercard’s 2017 Digital Payments Study. In fact, digital wallets have dominated social media payment discussions and account for 75% of the conversations tracked, or more than two million mentions.
In addition to talking about this new payment technology, people are also looking forward to new features on digital wallets, including storing loyalty cards and public transportation support.
Following digital wallets as the most discussed payment technology are newer technologies such as artificial intelligence and smart home assistants. Virtual reality generated the most positive buzz, as shoppers imagine completing transactions with the nod of their head.
Most people noted the success of these new technologies was largely dependent on their security. Nearly half (43%) said they would be interested in biometrics and other forms of authentication to provide better security, reduce fraud and go beyond traditional passwords. Most consumers are complaining about traditional passwords, as they are tired of entering, forgetting and resetting these passwords. Most want to get rid of them altogether and find an easier, better form of authentication.
“Technology is making the promise and the potential of a less-cash life a reality for more people every day,” said Marcy Cohen, vice president of digital communications at Mastercard. “This year’s study notes a change in the level of interest for new ways to shop and pay that only a few years ago would have seemed farfetched.”
The study is in its fifth year and has been developed in partnership with PRIME Research and Synthesio. It analyzed 3.5 million conversations across social media channels, including Facebook, Twitter, Instagram and Weibo.