More than 90% of consumers worldwide will consider using digital payments in the next year, Mastercard predicts

Mastercard digital payments index infographic
DIGITAL CATALYST: Contactless has driven consumer exploration of new payment options during Covid-19

More than nine in 10 consumers (93%) will consider using digital payment methods including contactless, QR code and biometric payments as well as cryptocurrency transactions in the next year, according to a Mastercard survey.

The card network’s New Payments Index identifies contactless technology as “the digital catalyst” for the exploration of new payment options during the Covid-19 pandemic.  It also reveals that “more than 100 markets saw contactless as a share of total in-person transactions grow by at least 50%”.

Mastercard itself reported 1bn additional contactless transactions in Q1 2021 compared with the same period of 2020, the index reveals.

“All signs point to a continued growth path for contactless, with nearly seven in 10 consumers anticipating using a contactless card this year,” Mastercard says.

“Looking to the future, digital currencies, biometrics, contactless and QR codes are trending as emerging payments technologies as people’s comfort with them and understanding of them increases and the use of cash decreases.”

The findings are based on a survey of more than 15,500 consumers in 18 countries around the world and also found that:

  • 63% of respondents say they have tried “a new payment method they would not have tried under normal circumstances”
  • 71% expect to use cash less in future
  • More than half (53%) agree that biometric checkout is secure and 60% say they feel safer using biometrics to verify a purchase than a PIN
  • The majority of respondents in the Asia-Pacific region think QR codes are cleaner (76%) and more convenient (71%) than cash for in-person payments
  • 66% of respondents in Latin America and the Caribbean and 63% in the Middle East and Africa expect to use payment technologies such as QR codes in the next year
  • 40% say they plan to use a cryptocurrency in the next year.

“With consumer interest around new payment technologies, the expectation for businesses to adapt for the long term is here to stay,”  Mastercard adds.

“Nearly eight in 10 respondents (79%) agree that they prefer to shop at stores that have both an in-person and online presence, and 68% noted being more excited to shop at retailers that can offer the latest payment methods.”

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