MasterCard reports that mobile payments are being well received in Asian markets
Mobile payments are becoming more popular in the Asian Pacific market, according to MasterCard. Access to smartphones and tablets is growing throughout these markets, making it possible for more consumers to conduct mobile payments than ever before. Many consumers in these markets consider mobile commerce a more convenient way to purchase products, which has lead to a growing demand for mobile payment services and platforms that accommodate mobile shopping.
Consumers favor mobile commerce for online shopping
According to MasterCard, 40% of online shoppers in Hong Kong, South Korea, and Singapore made purchases using their mobile devices in the past three months. Approximately 54% of Indonesian consumers made mobile payments over the same period, with China and Thailand accounting for 53% and 51% respectively. Mobile payments are becoming increasingly common throughout the Asian Pacific due to the proliferation of mobile technology.
Asian consumers are no stranger to NFC technology
MasterCard notes that NFC technology and its use in mobile commerce is relatively common throughout the region. According to the company, 70% of consumers throughout the Asian Pacific are aware of NFC technology and the role it plays in mobile payments. These consumers noted that they would be willing to adopt NFC-enabled mobile devices to participate in mobile commerce within the next 12 months. Digital wallets, which typically do not use NFC technology, are also quite popular with consumers, though the majority of consumers in the Asian Pacific noted that they were more interested in SMS-based mobile payments.
Mobile commerce continues to grow globally
Mobile payments are expected to continue growing in popularity throughout the Asian Pacific. Other markets around the world are experiencing similar results in their mobile commerce sectors as smartphones and tablets become more accessible for consumers. MasterCard is currently involved in mobile commerce initiatives in several countries and through these initiatives is attempting to establish a firm grasp on the mobile payments sector.
MasterCard sees promising growth in mobile commerce ventures
Financial giant MasterCard has announced promising growth for its mobile payment platform known as PayPass. The company reports that the platform has seen the most aggressive growth in Asia, the Middle East, and Africa, with 28% expansion in this markets during 2012. This growth is being attributed to the popularity that has begun to surround mobile commerce, as well as the proliferation of mobile devices throughout these markets. As more consumers get their hands on smart phones and tablets, MasterCard claims that the demand for mobile commerce rises.
PayPass becoming more popular among businesses and consumers
According to MasterCard, the PayPass platform now boasts of more than 700,000 merchants in 51 countries around the world. The company suggests that the growth of this platform is most rapid in markets where consumers are eager for a convenient alternative to traditional currency. Mobile commerce offers such an alternative as all transactions made through a mobile device involve digital currency rather than physical currency. Consumers have shown a strong interest in using their financial information to make purchases for everyday products from their mobile devices.
Favorable markets see rising demand for mobile commerce services
South Africa, Australia, South Korea, and Singapore are among the strongest markets for the PayPass currently. These countries have shown strong support for mobile commerce and mobile device penetration in these markets is gaining strong momentum. MasterCard has established strong partnerships with other financial service companies in these countries to further solidify its position in their blossoming mobile commerce sectors. This year, the company expects to see further growth in these markets as it introduces new mobile commerce services through PayPass.
Innovation may secure future of PayPass
Innovation will be the key to further growth and MasterCard has plans to introduce better services and features to the platform that will make it more attractive to consumers. PayPass is currently involved in a variety of trial projects throughout the world that are designed to get consumers comfortable with the idea of mobile commerce. Many of these trials have proven successful, but consumers are beginning to demand better services from PayPass that are already being introduced by MasterCard’s competitors.
