Social Media Reveals Consumers Ready for New Payment Options
Social media conversations prove that consumers have embraced digital payments, according to a study by MasterCard in partnership with PRIME Research. In fact, cardholders throughout the world are asking banks to provide more ready-to-use mobile payment options.
The study, which examined two million global social media posts about mobile payments across Twitter, Facebook, Instagram, Forums, Google+ and YouTube, found most consumers have a positive view of mobile payment technology. In fact, 94% were either positive or neutral.
“As more choices are made available to them, the conversation has evolved and consumers seem to be fully embracing the next generation of payments,” said Marcy Cohen, vice president of digital communications at MasterCard.
Most of the social media conversations were dominated by Apple Pay, Samsung Pay, Android Pay and MasterPass, which accounted for 97% of the mobile payment conversations in 2015. In addition to digital wallets, users discussed contactless cards (47%), biometrics (33%), personal payments (14%) and wearables (6%). Discussions about wearables were 30 times higher in the last quarter of 2015 than they were during the first quarter.
The most discussed security topics in 2015 were the end of passwords and biometrics. Consumers were especially interested in fingerprint and electrocardiogram (ECG) payment technology. Facial recognition (“Selfie Pay”) was the most popular topic of conversation about biometrics (55%).