With all the hype and frenzy around Mobile Payments there is an equally loud discussion around whether we really need mobile payments or not? Do people really like and do mobile payments? To find answers to some of these questions Global Payments giant MasterCard, recently commissioned a report that says that merchants and consumers have both become a lot more open towards mobile payment systems over the last couple of years.
Social media research company Prime Research tracked over 13 Mn comments across various social media including Facebook, Twitter and a number of online forums and blogs. The report suggests some improvements in the attitude of consumers and merchants towards mobile payment systems.
Some key points of the report:
- The study found that merchants have an 88 percent positive sentiment rate toward mobile payments systems.
- Conversations about mobile payment systems shifted between 2012 and 2013, it stated.
- In 2012, social media conversations were driven by confusion over payment options and whether to use them. In 2013, the conversations changed to which mobile payment option to use says the report.
- Merchants who have adopted mobile payment systems drove 81 percent of mobile payment conversations in 2013.
- Non-adopters drove 68 percent of such conversations in 2012.
- Positive consumer sentiment regarding transactions with mobile payment systems also jumped, from a 34 percent rate in 2012 to a 63 percent rate in 2013, according to the report.
- The research shows that both consumers and merchants are supportive of mobile payments (86 percent), which will likely lead to more merchant adoption in 2014.
- Merchants account for 22 percent of conversations and carry an 88 percent positive sentiment rate. Nearly 90 percent of merchant conversations are driven by those who have implemented mobile solutions.
- Security however, is still a major concern of both merchants and consumers - based on the study results. Questions about security led to a negative rating of 66 percent.
About the research:
PRIME Research conducted the Mobile Payments Study across 56 markets and 26 languages in North and South America, Europe, Africa, Asia and the Pacific Rim to assess people’s use of products, adoption willingness and sentiment toward existing options. The research firm identified 13 million relevant social media posts from March 2013 to December 2013 on the subject of mobile payment innovation in the context of MasterCard and its industry peers; sentiment analysis shows the majority of posts were driven by news-story sharing 92% positive/factual, only 8% negative tone overall which is a reflection of the original content as it appeared in traditional news outlets.