BrandArena: Payment innovation drives online conversations in Nigeria - MasterCard Survey

Monday 22 February 2016

Payment innovation drives online conversations in Nigeria - MasterCard Survey

At Mobile World Congress, MasterCard has released the results of the Mobile Money Study, which evaluates trends in the mobile environment being discussed online.

The Study found that Nigerians were particularly vocal online when it comes to discussing innovation, with Nigerian posts accounting for 38 percent of the total Middle East and Africa online discussions.

The MasterCard Mobile Money Study, now in its fourth year, in partnership with PRIME Research, analysed over two million conversations across the Middle East and Africa on Twitter, Facebook, Instagram, Forums, Google+ and YouTube. The aim was to discover what excited consumers about payment technology, and what security concerns they have about using digital payment solutions.

With the rapid progression of electronic payments adoption, consumers in Nigeria are increasingly seeking faster, more secure and smarter ways to pay for goods and services. Of all the payment innovations that were discussed online, people were most excited about digital wallets, biometrics, contactless, personal payments and wearables.

MasterCard’s contactless technology enables Nigerians to make everyday purchases quickly and safely, with just a tap of a contactless-enabled MasterCard payment product. This type of payment technology is fast becoming a popular way to transact in markets across the globe, and highlights the increasing demand by consumers for intuitive solutions that fit in with their hectic lifestyles.

Nigerians were particularly interested in the verification possibilities that biometrics solutions like selfie-based facial recognition, fingerprint reading, and heartbeat authentication opened up. With discussions around MasterCard’s “selfie-pay” pilot project, announced in July 2015, reaching more than 150 million consumers during that year.

The Study also found that people were excited about leaving passwords behind as the sole means of securing online transactions. However, given the need for these type of transactions to be protected, MasterCard’s SecureCode is still the best way for Nigerians to protect their personal information when shopping on their favourite online store.

Digital payment solutions are changing the way in which consumers are engaging with the world around them, and Nigerians are at the top of the list of the most eager adopters of these types of technology innovations. As the payment landscape evolves in Nigeria, and across Africa, consumers can expect more advancements from MasterCard.

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