Skepticism Towards Mobile Payments Among UK Consumers - Research Findings
Mastercard Introduces MasterPass to Boost UK Mobile Payments
Mastercard has announced the launch of its digital wallet service, MasterPass, set for summer in the UK. This move comes as a response to the findings of a recent study, which revealed that UK consumers, along with those in France and Canada, are among the most skeptical of the supposed benefits of mobile payments technology.
The study, conducted by Mastercard and PRIME Research, tracked 85,000 social media comments across 43 markets and 26 languages, revealing that 28% of posts were positive, 66% were neutral, and 6% were negative. Despite the skepticism, most posts praised aspects of mobile payments technology, including innovation, convenience, and speed.
MasterPass is designed to simplify online and mobile payments by securely storing users' payment and shipping information in one place. This digital wallet service allows consumers to check out faster without repeatedly entering card details on merchants' websites or apps. With MasterPass, users can expect a one-click check-out for online purchases, and in-store transactions can be made using near-field communications (NFC), QR codes, and tags at point-of-sale terminals as an alternative to debit or credit cards.
MasterPass will remember shipping and card information to accelerate transactions, addressing concerns about security and usability that often hinder mobile payment adoption. By providing a unified, easy-to-use digital wallet backed by Mastercard’s global brand and security standards, MasterPass seeks to overcome reluctance related to security and usability.
The growth of mobile payments is expected to be driven by mobile commerce, NFC payments, and person-to-person fund transfers. According to IDC, mobile payments are anticipated to exceed $1 trillion by 2017. MasterPass is expected to contribute significantly to this growth, boosting confidence in mobile payments and addressing consumer concerns.
Mastercard's entry into the digital wallet arena with MasterPass indicates a continued focus on mobile payments technology. The company's overall mobile wallet strategy, including partnerships like Apple Pay integration (from 2014), demonstrates a commitment to user-friendly, secure solutions that boost confidence in mobile payments, particularly in markets like the UK where adoption barriers exist.
Though direct search results do not provide a recent UK-specific statement about MasterPass and skepticism regarding mobile payments, Mastercard's approach is typical of its efforts in markets where adoption barriers exist. By addressing consumer concerns and offering a secure, centralized payment method, MasterPass aims to increase trust and ease in mobile transactions.
In summary, MasterPass is Mastercard's mobile payment wallet designed to increase trust and ease in mobile transactions by offering a secure, centralized payment method that mitigates concerns about security and complexity which underlie skepticism in the UK mobile payments sector.
- Mastercard's digital wallet service, MasterPass, promises to combat the skepticism towards mobile payments technology in the UK by offering a secure and easy-to-use solution for online and mobile purchases.
- Amidst the anticipation of mobile payments exceeding $1 trillion by 2017, MasterPass is expected to play a significant role in driving growth in the UK market, especially by addressing concerns related to security and usability.
