‘Digital Wallets drive excitement about payments innovation in Nigeria’

PHOTO CREDIT. blogs.thenews

PHOTO CREDIT. blogs.thenews

ACCORDING to the MasterCard Innovation Social Listening Study, digital wallets are the main topic of discussion online when it comes to payments innovation in some of the world’s biggest emerging markets.

In partnership with PRIME Research, the MasterCard social listening study analysed over 10,000 online conversations between 1 May 2015 and 30 July 2015 in seven countries including Nigeria, Kenya, the United Arab Emirates (UAE), China, India, Malaysia, and Indonesia to learn what payment innovations people in these markets are most excited about and what safety and security concerns they have about adopting the latest technology.

Nigerians were found to be particularly vocal online when it comes to discussing innovation, with Nigerian posts accounting for 43 percent of the total Middle East and Africa (MEA) discussion volume. Spikes in volume were driven by announcements on hot topics such as digital or mobile wallets, despite the fact that some of the products being talked about haven’t been rolled out in the market yet.

Out of all the conversations analysed, Nigeria was also one of the top emerging markets, which had the highest number of positive conversations, with 96 per cent of online discussions on payments innovation being favourable. The study also found that only 18 per cent of Nigerians mentioned safety and security concerns, indicating that the majority feels that when it comes to innovative payment methods, their data is protected.

Vice President and Area Business Head, MasterCard, West Africa, Omokehinde Ojomuyide, said: “MasterCard’s latest social listening research has proven that Nigerians are looking for newer and more convenient ways to pay provided it is secure and easy to use. MasterCard’s innovations are changing the way people pay for everyday items, providing unrivalled levels of ease and convenience.”

The study demonstrates that emerging markets are ripe for innovation, and this is one of the driving factors behind the organization of the MasterCard Innovation Forum in Kuala Lumpur, which brings together experts from the financial services industry, merchants and the public sector to discuss the future of payments.

The Forum will focus on innovation in the payments and financial inclusion space, trends in relation to digital convergence and commerce, the rise in e-commerce through digital and social strategies, as well as the future of risk management given the critical importance of safety and security in payments.

Many of the innovations in payments to date have been facilitated by the expansion in mobile telecommunications, and the easy availability of mobile phones across the world. Therefore for MasterCard, constantly innovating to meet the challenges of tomorrow is crucial. Together with its partners, it is constantly developing new technologies that make transactions not just smarter and faster, but also more convenient and secure.

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