Adoption of new payment options on the rise – Mastercard Payment Index
As 95% of consumers in Middle East and North Africa are considering emerging payments
Biometrics, cryptocurrencies will be the new payment trend in the coming year
A new study by Mastercard contained in its Mastercard New Payment Index shows that people are increasing adopting contactless payment and online shopping. This the report reveals is predicated on the wave of the 2020 pandemic which saw social distancing being the order of the day as well as more businesses moving online.
According to the report, 95% of consumers in Middle East and North Africa (MENA) are considering emerging payments such as wearables, biometrics, digital wallets and currencies, and QR code, in addition to Contactless, according to the Mastercard New Payments Index.
Also, the report indicates that up to 88% of MENA consumers have access to more ways to pay compared to this time last year.
Furthermore, the report states that 3 out of 4 MENA consumers say digital payments methods help them save money.
Speaking on the findings, Craig Vosburg, Chief Product Officer at Mastercarrd says, “The pandemic made us 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 concludes.
For the future, the report states that digital currencies and wallets, wearables, biometrics, contactless and QR codes are emerging payment options that are trending as people get to known more about that and place confidence in them with use.
This it foresees will drive down and reduce the use of cash in transactions.
It reveals that up to 88% of consumers in the region now have more options in terms of payment as against what obtained about this time last year.
It foresees Cryptocurrencies gaining more ground, biometric payment becoming more trustworthy and adopted enmass with digital wallet services increasing in the MENA region. Already 66% of consumers confirm that they will use a digital wallet in the coming year while 67% say that they plan to use digital money transfer services.