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Consumers are demanding new payment technologies.
This was the conclusion revealed at the World Retail Congress by a new study from MasterCard.
Entitled Retail Social Listening Study, it showed that shoppers are demanding more efficient and simpler ways to pay and retailers are finding themselves under increasing pressure to cope and respond accordingly.
The study identified Latin America as having the highest percentage of contactless payment conversations in comparison to digital wallets conversations.
The MasterCard report was conducted over the last 12 months and the company analysed, across some 60 markets, a total of 1.6 million online conversations where shopping and retail activities were mentioned. The main conclusion was that there has been a dramatic shift in consumer expectations who now expect a richer experiencer, including the ability to shop quickly anywhere around the world.
Executive Director for International Markets at MasterCard Carlos Menendez told the media:
“The wave of social engagement we see every time new payment innovations are rolled out truly reflects the demand and desire for new and more convenient ways to pay. It also shows that payments have really moved into the heart of the shopping experience – causing frustration when not accepted and engagement when fast, easy and personal.”
In more detail, the report said that a number of key issues had surfaced, including: technological innovations bringing greater convenience; consumers being rewarded when buying certain items; and, a demand for retailers to accept new payment technologies.
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Reference: Payments Cards & Mobile
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