Mastercard New Payments Index confirms development
By Adeyemi Adepetun
As the world went into pandemic lockdown in 2020, consumers shifted their spending habits to
embrace contactless tap-and-go payments and online shopping. As stores closed and social distancing took hold, retailers worldwide moved their businesses online, embraced e-commerce and explored the potential of new ways to pay.More than a year later, research from Mastercard shows that the adoption of new payment technologies is rising, and consumer appetite for new, fast and flexible digital experiences continues to grow.
The Mastercard New Payments Index shows 96 per cent of Nigerian consumers will consider using at least one emerging payment method, such as cryptocurrency, biometrics, contactless, or QR code, in the next year.
Over two-thirds of respondents (66 per cent) agree they have tried a new payment method they would not have tried under normal circumstances, but the pandemic has galvanised people to try flexible new payment options to get what they want when they want it.
With this interest and consumer demand also comes a greater expectation for businesses to provide multiple ways to shop and pay. In fact, 81 per cent of Nigerian consumers say they are more excited about shopping at retailers, which offer the latest payment methods.
Additionally, 78 per cent of Nigerian consumers said that digital payment methods help them save money. Chief Product Officer at Mastercard, Craig Vosburg, said the pandemic made the world think differently, partly out of necessity.
“To deliver the choice and flexibility that consumers need – and increasingly expect –retailers worldwide need to offer a range of payment solutions that are easy to access and always on. As we look ahead, we need to continue to enable all choices, both in-store and online, to shape the fabric of commerce and make the digital economy work for everyone,” he stated.
The index showed that contactless technology was the digital catalyst
to explore new payment options because of its fast, secure, and
touch-free experience.
It revealed that between the first quarter of 2020 and the same period
in 2021, more than 100 markets saw contactless as a share of total
in-person transactions grew by at least 50 per cent.
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