Consumer readiness is important for mobile payments adoption: MasterCard

Telecom Lead India: Consumer readiness is the critical
success factor to drive mobile payments adoption around the globe, according to
MasterCard Mobile Payments Readiness Index.


The index identified Singapore, Canada, the United States,
Kenya and South Korea as the most prepared markets.


The Index indicates that all markets globally are making
progress towards reaching an inflection point where mobile devices account
for an appreciable share of the payments mix.


On the MasterCard Mobile Payments Readiness Index, India
achieved a score of 31.5, driven by high scores in the Infrastructure
component, moderate scores in Financial Services and Consumer Readiness, and
lower scores in overall Environment.


Consumer Readiness scores are in line with India’s
overall ranking on the index number 21.


India’s annual investment in telecommunications of $69.7
billion and a high number of mobile phone subscriptions gives it a leading spot
in infrastructure.


The results of the MasterCard Mobile Payments Readiness
Index for India are encouraging. There is a marked improvement on the
familiarity of P2P payments, m-commerce and POS transactions. The Mobile
Payment industry will be largely driven by the young population and India’s
demographic dividend offers a great prospect”, said T. V. Seshadri, division
president, South Asia, MasterCard Worldwide.


The Index also found that in some markets such as
Australia, young consumers between the ages of 18 and 34 years old are the most
willing to engage in mobile payments.


While this demographic was predominantly male in most
countries, women showed higher levels of interest in countries such
as China, Egypt and the Philippines.


The MasterCard Mobile Payments Readiness Index
(MPRI) is an analysis of 34 countries and their readiness to use three types of
mobile payments: person to person, mobile web commerce and mobile contactless
payments at the point of sale.


Mobile payment market revenues to rise to $999 billion in 2016


According to IEMR, mobile payment revenue will rise from
$47.2 billion in 2011 to $998.5 billion in 2016. Compound Annual Growth
Rate (CAGR) from 2012 to 2016 will be 83.7 percent, according to IE Market Research Corporation.


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