New Study Finds Consumers Eager To Adopt New Payment Platforms

By Christine Kern, contributing writer

Shoppers are eager to adopt new payment platforms that allow then to shop “at the speed of life,” according to new research from MasterCard. In the first Retail Social Listening Study, MasterCard researchers found that retailers are under increasing pressure to adopt these new technologies as shoppers are demanding more convenient and innovative ways to pay.

The study analyzed 1.6 million unprompted online conversations regarding shopping and retail across 61 markets in order to discern customer experiences and desires over the past 12 months. The results highlight some of the key trends in retail in order to provide stronger insights for retailers.  Among the chief conclusions is the fact that retailers are experiencing a dramatic shift in consumer expectations, putting greater demands on retailers to provide new and richer shopping experiences.

Key findings identified from the MasterCard “Retail Social Listening Study” include:

• Technology needs to make payment easier and convenient, not harder and more complicated: Convenience was the most positively discussed aspect of new digital payment methods in shopping and retail-related conversations (77 percent listed), particularly when traveling. Consumers highlighted their preference for not necessarily needing to take their wallet on every trip and being able to use mobile payments when traveling.
• Reward me, please: 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 percent share of coverage of the six aspects measured). Consumers expressed eagerness for further acceptance of NFC payments allowing them to receive rewards for using them regularly, citing MasterCard’s Fare Free Fridays in London as an example.
• Acceptance is make-or-break: After rewards and benefits, consumer discussion of which retailers do and do not accept newer forms of payment was the second most discussed topic, according to the study (21 percent share of coverage of the six aspects measured). Consumers discussed extensively their desire for retailers to integrate new payment systems, particularly among fashion-focused shoppers.

Carlos Menendez, Executive Director for International Markets at MasterCard explained 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.”

This study demonstrates that consumers have a strong desire for retailers to adopt new payment technologies, even as strong concerns remain. Regardless of how consumers prefer to pay, one thing is clear: Consumers want their digital payment experience to be safe, secure, to offer new and innovative benefits and to be convenient. Most of all, they want ubiquitous mobile payment acceptance.