Wale Ameen
Research from Mastercard shows that the adoption of new payment technologies is rising and consumers are embracing new, fast and flexible digital payment options.
The research contained in it’s recently released consumer index survey reveals that consumers in emerging economies are shifting their spending habits to embrace contactless tap-and-go payments and digital shopping riding largely on the wave of lockdown occasioned by the global pandemic of 2020.
According to the report shoppers embraced online shopping as stores and social distancing took hold with retailers also moving their businesses online.
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 also reveals that 95% of Middle East and North Africa (MENA) consumers are willing to consider using at least one emerging payment method, such as cryptocurrency, biometrics, contactless, or QR code, in the next year.
The report documents that over two-thirds which represents 65% of respondents from a survey caried out shows that agree that they have tried new payment methods they hitherto would not have tried under normal circumstances, but riding on the wave of the pandemic it has encouraged people to try flexible and new payment options to get what they want.
Thus, with the interest and consumer demand also comes a greater expectation for businesses to provide multiple ways to shop and pay. In fact, 61% of MENA consumers say they would avoid businesses that do not accept electronic payments of any kind. Additionally, nearly 3 out of 4 (73%) UAE consumers say that digital payment methods help them save money.
“The pandemic made us think differently, partly out of necessity,” says Craig Vosburg, Chief Product Officer at Mastercard.
“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 the trending and emerging payments technologies that will see more people embracing them.
In fact, 88% of consumers in the region have more ways to pay compared to this time last year. The exploding interest in new payment technologies may encourage businesses to expand their options at checkout.
