In light of the Mastercard Innovation Forum 2015, recently held in Kuala Lumpur, Malaysia, Mastercard revealed the findings from a social media study on digital wallets.When it comes to payments innovation in the world’s emerging markets – like the UAE, India, China, Indonesia, Malaysia and Nigeria – digital wallets are a buzzing topic online.Over the summer, Mastercard and PRIME research partnered to analyze more than 10,000 online conversations focusing on payments.
Residents of the UAE were particularly vocal online regarding innovation, accounting for 40 percent of the total volume of the UAE. The Emirates also had the highest number of posts per user and data vulnerability was people’s greatest concern when it comes to innovative payment technology. The announcement of Mastercard’s potential use of facial recognition software was also a topic that was widely discussed. India was the market in which most discussions on payments innovation occurred, with nearly 48 percent of the total posts featuring the topic, followed by Indonesia at 22 percent and Nigeria at ten percent.
Raghu Malhotra, MasterCard’s division president for Middle East and North Africa, says in a press statement: “The findings from MasterCard’s latest social listening research demonstrate 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.”
“From mobile payments to contactless technology, MasterCard’s innovations are changing the way people pay for everyday items, providing unrivaled levels of ease and convenience,” he adds.