Infographic: What Social Media Users Really Think About Mobile Payments

Mastercard and Prime Research published the first global Mobile Payments Social Media Study, tracking social media conversations about mobile payments around the world. The study finds find that while there is a high volume of consumer interest in adopting mobile payments, there is also a lot of confusion over the wide array of choices available, as well as a fair degree of scepticism over security and widespread adoption.

The massive study tracked 85,000 conversations across social media platforms like Twitter, Facebook, blogs and forums over a six month period, across 43 markets in 26 languages.

Some highlights of the study include:

  • The most positive opinions are voiced from Asia-Pacific (China and Australia) and the United States, whereas the more sceptical regions are Europe and Canada
  • Early adopters are divided in their opinions of mobile payment technology (58% positive/factual), whereas those yet to adopt are more positive (76% positive, factual), citing the benefits of innovation, convenience and speed.
  • The biggest reservation about mobile payments lies in security and the feasibility of worldwide adoption. For examples, users in the UK have commented on the inconsistency in acceptance and concerns about when the technology would gain widespread adoption.
  • In Asia, the highest volume of social commentary comes from China, Thailand, Australia, Japan and Singapore

mastercard infographic

Comments

  1. John Gray McKechnie

    I’d say the sceptical Europeans and Canadians are on the right track. Would you reach into your pocket or purse and take out coins or notes, which magically change into thin air, which no longer have the protection of your pocket but provide opportunities for a whole new phalanx of clever crooks ?
    We began to study possibilities before the smart card was thought of. After all, surely it was not too great a step from business card to credit card and when unpackaged chips arrived, we simply repackaged inside the card and called them smart cards. But where do you go from there? I’m sorry but it was pretty obvious even then that you could not get much data into a chip and expect it to continue to be called smart. We continued where we began, since it seemed promising but we discarded the idea of insecure, vulnerable transactions and began to see how we could alternatively package into a familiar object, high volume data which moves in/out at high speed. Furthermore, our embedded nano microcircuit does not need power built in, ie. no battery, is contactless and intrinsically secure. We’ve given up on potential customers from the financial services area till now and since we are embedding much of the logic, processor and storage into our coin, we are now thinking more in terms of a coin which can either be standalone internet literally, wherever you want it, or if your interests are more specific to digital commerce, we can take our store transactions [outernet] and online transactions [internet] and integrate them both into the same task.
    It has been rather frustrating to keep our heads down,not to announce this and show it to the world but we have been waiting for the right moment. We have very tentatively spoken of this project to those in the financial services industry we know, Banks etc. whom you would think would be cock-a-hoop! No way.

    Anyone out there who will help us fund a first pre-production run and they can present samples to all their customers and competitors.

    Surprise us.
    John

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