SmartDebit responds to Mastercard study on mobile payments

Low consumer awareness

Mastercard’s analysis came through social media channels, tracking 85,000 posts across Twitter, Facebook, online blogs and forums, encompassing 43 markets and 26 different languages over the last six months. The study, carried out in conjunction with PRIME Research, revealed that consumers in the UK, France and Canada are the most sceptical of mobile payments.

Using sentiment analysis technology to examine the social media posts, PRIME Research reported that 28 percent of posts were positive, 66 percent were neutral and 6 percent were negative. In response to the scepticism in the UK, Mastercard said that consumers are excited about the prospects of mobile payments technology, however, that they are aware of the inconsistency amongst retailers in acceptance of the technology and the uncertainty over the timeline for market-wide availability.

Overall, the study found that most social media posts praised the features and benefits of mobile payments technology, including convenience, speed and innovation.

SmartDebit commented on the research: “The research does not highlight anything out of the ordinary, it is human nature to be sceptical of things that you do not from part of your daily routine or that you do not fully understand. Mobile payments technology is no different. Low consumer awareness levels combined with security concerns and inconsistency in the acceptance of the payment method amongst retailers are all contributing factors towards this scepticism. Much like the dominance of debit cards over the past decade, we expect mobile payments to become a significant part of our lives in the coming years as more consumers gain confidence in the method.”

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