Digital wallets are a hot online discussion topic when debating payments innovation in some of the world’s biggest emerging markets including India, China, Indonesia, Malaysia, Nigeria and the UAE, MasterCard research shows.
Of all the payment innovations discussed, people everywhere were found to be the most excited about digital or mobile wallets, although some products being talked about have yet to be rolled out in any of the markets covered by the survey.
The MasterCard social listening study, in partnership with PRIME Research, analysed over 10,438 social media posts from 1 May to 30 July 2015 that originated from the APAC/EMEA region, with a focus on innovation in payments, to discover what people in Asia Pacific, the Middle East and Africa are most excited about and what safety and security concerns they have about digital payments. Social media channels included within the study were Twitter, Facebook, Instagram, Forums, Weibo (CN), Google+ and YouTube.
The study found interest around biometric authentication methods for secure payments. People were most to be concerned about how vulnerable their data could be to hackers and criminals, and the announcement that MasterCard is exploring using facial recognition software that would allow people to use a selfie to complete a transaction was widely discussed across the region.
Of all the emerging markets, India was where most discussions on payments innovation took place – with nearly half the total number of posts (48%) – followed by Indonesia (22%) and Nigeria (10%). Overall, the majority of posts were driven by news-story sharing with 95% positive/factual tonality.
“The findings from MasterCard’s latest social listening research demonstrates the incredible appetite for innovation in emerging markets. In terms of payments technology, people everywhere are looking for newer and more convenient ways to pay provided it is secure and easy to use. In markets such as India, China and Nigeria, the speed of mobile penetration has had a massive impact on financial access and inclusion, with people moving from not having a bank account to straightaway being able to make payments via SMS whether it is for bills or digital content,” said Matthew Driver, group executive for global products and solutions for Asia Pacific at MasterCard.
“With millions of consumers finding new ways to connect via mobile and more merchants going digital, the world’s emerging markets will be at the forefront of innovation and the adoption of new payments technology.”