SHOPPING, New York – (BUSINESS WIRING) – Since the world has been isolated from the pandemic in 2020, consumers have changed their spending habits on contactless touch payments and online purchases. With store closings and social distancing established, retailers around the world have moved their businesses online, embarked on e-commerce, and explored the potential of new payment methods. More than a year later, Mastercard research shows that the adoption of new payment technologies is growing, and consumer appetite for new, fast and flexible digital technologies continues to grow.
IN Index of new payments Mastercardconducted in 18 markets around the world shows that 93% of people will consider using at least one new payment method such as cryptocurrency, biometrics, contactless or QR code next year. Almost two-thirds of respondents (63%) agree that they have tried a new payment method that they would not have tried under normal circumstances, but the pandemic has prompted people to try new flexible payment methods to get what they want and when they want it. want to. With this interest and consumer demand, companies expect them to provide multiple ways to shop and pay. In fact, more than half of consumers say they would move away from businesses that don’t accept any electronic payments.
“The pandemic made us think differently, partly out of necessity,” said Craig Fossburg, director of product for Mastercard. “To provide the choice and flexibility that consumers need – and increasingly expect – retailers around the world must offer a range of payment solutions that are easy to access and always available. Looking to the future, we must continue to provide every choice, both in-store and online, to shape the trade structure and make the digital economy work for everyone. ”
Contactless technology has become a digital catalyst for exploring new payment methods thanks to its fast, secure and contactless operation. Between the first quarter of 2020 and the same period in 2021, more than 100 markets introduced contactless as the share of total personal transactions grew by at least 50 percent. 3 A year after the start of the COVID-19 pandemic, contactless cards are showing their resilience and dynamism – in the first quarter of 2021 alone, Mastercard completed 1 billion more contactless transactions compared to the same period in 2020, especially in emerging markets for contactless transactions such as the United States and Brazil, where the penetration of contactless technologies in both markets together has almost tripled compared to last year. 3 All signs point to continued growth in contactless cards, with nearly 7 out of 10 consumers expecting to use contactless cards this year.
Looking to the future, it can be said that digital currencies, biometrics, contactless and QR codes are becoming more and more new payment technologies as people become more convenient to use and understand them, and the use of cash decreases. In fact, 71% of people say they expect to use less cash in the future. The explosive interest in new payment technologies could spur companies to expand their checkout options. The Mastercard New Payments Index found:
- Cryptocurrencyone Gaining momentum and millennials are ready to jump – Today, consumers can buy, sell and exchange cryptocurrency as a commodity or investment. Consumers are also increasingly showing interest in the ability to spend cryptoassets on day to day purchases. As global interest in cryptocurrencies as a payment method continues to grow, 4 in 10 people (40%) in North America, Latin America and the Caribbean, the Middle East and Africa, and Asia Pacific say they plan to use cryptocurrency. next year. … Millennials around the world, as well as in the Middle East and Africa, are particularly involved in cryptocurrency conversations, with more than half (67%) agreeing that they are more open to cryptocurrencies than they were a year ago. In addition, 77% of millennials are interested in learning more about cryptocurrency, and 75% agree that they would use cryptocurrency if they understood it better. While consumer interest in cryptocurrency, especially floating digital currencies like Bitcoin, is high, work still needs to be done to ensure consumer choice, protection, and regulatory compliance.
- Biometric payments are more secure – Safety and convenience have been the focus of people’s attention over the past year. More than half (53%) of consumers agree that the biometric cash register is safe. In fact, 6 in 10 consumers say they are excited about the possibilities of biometric verification methods such as gait or gait assessment and fingerprint authentication (61%), and 60% feel safer using biometrics to verify a purchase than entering a PIN. code. Gait or gait score can be used to pay based on how the person walks.
- QR codes are a cleaner, more convenient alternative to cash in emerging markets “While developed markets such as the US are focused on contactless payments, emerging markets are using QR-based capabilities as a clean and convenient way to interact with merchants. In the Asia-Pacific region, most respondents find new payment methods such as QR codes cleaner (76%) and more convenient (71%) than cash for personal payments as it is likely that consumers are using their own mobile devices … 66% of respondents in Latin America and the Caribbean and 63% in the Middle East and Africa plan to use more payment technologies like QR next year.
To meet the needs of people, companies are forced to move to new payment trends
Consumer interest in new payment technologies makes businesses hope for long-term adaptation. About eight in 10 respondents (79%) agree that they prefer to shop in stores that have both an in-person and online presence, while 68% said they are more interested in shopping in stores that have the latest in ways. payment. A recent study of 5,500 major Mastercard merchants found that between the first quarter of 2020 and the first quarter of 2021, more than one-fifth of these merchants globally increased the number of ways they connect with consumers by enabling an e-commerce channel or accepting contactless transactions.2… Over the same period, Mastercard demonstrated that the total number of card-free transactions increased by more than 30%.four
Many merchants are turning to contactless payments as one way to solve this problem, as consumers prefer fast contactless payments. Currently, almost 90% of personal transactions worldwide occur with contactless merchants, and almost all categories of merchants saw an increase in the share of contactless transactions in total personal transactions in the first quarter of last year compared to the same period last year. 2021 g. 3
This shift in behavior is reinforced by consumers’ desire for choice – 84% said they expect to shop when and how they want. Companies that can provide multiple ways to shop and pay are best suited to meet these expectations. As demand for new payments and choices persists, a broader range of payment solutions, analytics and products are required to meet the growing enthusiasm for the future state of pay.
Note to editors:
Online interviews of 15,569 consumers from 18 countries in four regions of the world.
More than 1000 respondents in every country in Australia, India, Thailand, USA, Canada, Brazil, Mexico, UAE, Egypt, Saudi Arabia, Nigeria, Kenya and South Africa.
500+ respondents per country in Argentina, Chile, Colombia, Peru and the Dominican Republic
The study was conducted February 26 – March 10, 2021.
Nationally representative sample
Sample sizes available for reading:
Research by Harris Poll and Mastercard Global Foresights, Insights and Analytics
All respondent data presented here are sourced from the Mastercard New Payments Index, unless otherwise stated.
one There is no agreed terminology for the category of digital assets that rely on cryptographic keys to access assets and sign transactions to initiate transfers of assets. We use the term “cryptocurrency” here to describe these assets broadly as they are most widely known to the general public, while recognizing that none of them is currently considered legal tender or approved as an official “currency” by any government. … 
2 The channels considered in the analysis are chip / read transactions, traditional e-commerce transactions, e-commerce wallet transactions, physical contactless transactions, and mobile contactless transactions. A merchant is considered to have accepted this channel if the merchant saw more than 1,000 transactions on that channel during the quarter. Source: Anonymous and Aggregated Transaction Data from Mastercard Data Warehouse. 
3 Growth is calculated from the first quarter of 2020 to the same period in 2021. Source: Anonymous and Aggregated Transaction Data from Mastercard Data Warehouse. 
four Source: Anonymous and Aggregated Mastercard Transaction Data. 
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Mastercard is a global technology company in the payments industry. Our mission is to connect and provide an inclusive digital economy that benefits everyone, everywhere, by making transactions safe, simple, smart and affordable. Leveraging secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses reach their greatest potential. Our Decency Score, or DQ, defines our culture and everything we do inside and outside our company. With connections in more than 210 countries and territories, we are building a sustainable world that offers invaluable opportunities for everyone.