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No matter where: Customers want new ways to pay

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No matter where: Customers want new ways to pay

Shoppers around the world are demanding their retail experience to be transformed, says a recent MasterCard study.

Retailers are under increasing pressure to adopt new payment technologies, as shoppers demand simpler and more innovative ways to pay, MasterCard’s first retail social listening study shows.

Carlos Menendez, executive director for international markets at MasterCard says, “The wave of social engagement we see every time new payment innovations are rolled out truly reflects the demand and desire for new and more convenient ways to pay. It also shows that payments have really moved into the heart of the shopping experience—causing frustration when not accepted and engagement when fast, easy and personal.”

The MasterCard study, conducted in partnership with PRIME Research, analyzed 1.6 million unprompted online conversations around shopping and retail, across 61 markets in order to understand consumer experience over the last 12 months.

Key findings include:

  • http://www.bankingexchange.com/images/Dev_Briefing_Images/MC_WRC_DigitalEvo_infographic_v3-720x1619.jpgConvenience through technology innovations. Convenience was the most positively discussed aspect of new digital payment methods in shopping and retail related conversations (77%), with the travel sector leading the way in terms of the highest share of coverage. Consumers specifically highlighted their preference for not necessarily needing to take their wallet on every trip and being able to use mobile payments when they travel.
  • Being rewarded. Rewards and benefits for the consumer was the most vociferously and positively discussed topic across social media when it came to shopping and retail (38% share of coverage of the six aspects measured). Entertainment was the sector leading the way, where rewards and benefits was most discussed. Consumers expressed eagerness for further acceptance of NFC payments allowing them to receive rewards for using them regularly.
  • •• Demand for increased acceptance. The second-most discussed topic among consumers was which retailers do and do not accept newer forms of payment (21% share of coverage of the six aspects measured). Consumers discussed extensively their desire for retailers to integrate new payment systems…such as contactless acceptance and mobile payment capabilities.
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