A study released on Monday by MasterCard and PRIME Research revealed an increasingly positive sentiment among merchants and consumers toward mobile payments, which could account for a rapid jump in use and acceptance of mobile payments technology.
The second annual global MasterCard Mobile Payments Study, which tracked over 13 million comments on social media outlets, including Twitter, Facebook, blogs and forums, showed merchants report an 88 percent positive rating of mobile payments – many also noted the technology as a competitive advantage.
Consumer adoption rates also pointed to increasingly positive sentiment toward mobile payments. Adopters’ sentiment toward mobile payments rose to 74 percent in 2013, compared to 58 percent in 2012, and non-adopters’ positive sentiment increased slightly from 76 percent in 2012 to 79 percent in 2013.
According to the study, adopters now drive most of the conversation around mobile payments – a reversal from the 2012 study, when only 32 percent of consumers discussing mobile payments had used a product, indicating consumers may now be focused on which product to choose rather than whether to use a mobile payments product.
Merchants that accept mobile payments noted convenience as a key driver for adoption. While consumer sentiment toward the transaction experience improved significantly from 34 percent in 2012 to 63 percent, the experience was ranked among the top frustration points for users.
The research indicated that increased support of mobile payments among both consumers and merchants may contribute to increased adoption in the coming year. Merchant availability was listed in the 2012 study as a barrier to entry for non-adopters, but the new study showed it was the most often discussed positive topic in 2013.