Online Payments Trending on Social Media: Report

Online Payments Trending on Social Media: Report

February 28, 2019

Gone are the days when colleagues stood around the water cooler discussing the latest trends in fashion and technology. In today’s digital world, words of wisdom and shopping tips are more easily shared through social media channels, where people are apparently talking about online payments, according to the 2019 edition of the Mastercard Digital Payments Study.

An analysis of 3.3 million conversations collected over the past year across several social media sites, including Twitter, Facebook, Instagram and Weibo found that “mobile payments represented more than 27 percent of the total social media conversation around payments, with total mentions increasing 20 percent over the prior year,” according to a press release.

Of those conversations, 20 percent discussed contactless and mobile wallets, with a plurality (30 percent) of the comments on mobile wallets occurring in India. Last year also saw a 30 percent increase in social media posts about new technologies, in which “virtually all (95 percent) mobile wallet conversations were favorable, with 30 percent of posts praising the speed, efficiency and simplicity of the current products.”

Consumers are not only interested in the ease and speed of contactless and mobile payments, though. They are also concerned about privacy and security. The sixth annual study found that mentions of data privacy tripled from 2017. Comments also included mentions of biometrics and tokenization, which the study suggests reached millions of people worldwide.

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