Mobile payment strategies have been fully adopted by consumers, says MasterCard

Many e-commerce merchants have spent the past few years preparing for the day when consumers - on average - would be comfortable conducting transactions entirely using their mobile phones. Now a recent report from MasterCard suggests that that day has arrived.

MasterCard recently released their second MasterCard Mobile Payments Study, conducted in association with PRIME Research. The study tracked more than 13 million separate social media comments - made on Facebook, Twitter and other social media websites - that regarded businesses who accept debit card and credit card payments made via a mobile device.

The study found that merchants who are able to offer credit card processing services in their applications or on their mobile-optimized websites gain a significant competitive advantage over their peers. The release claimed that "2013 [was] the year mobile payments transitioned from 'concept to adoption,'" and their findings back up that claim. Individuals who make use of mobile payments drove more than 80 percent of online conversations related to the topic in 2013. Only 32 percent of comparable conversations were driven by mobile commerce-adopters in 2012, for comparison. This suggests that consumers use to discuss whether or not mobile commerce was something they should make use of - and now discuss the many ways in which they do make use of mobile commerce.

This illustrates why all e-commerce company merchants need to ensure their products are available to mobile shoppers just as they're available to shoppers using desktop computers. Roughly 88 percent of individuals polled - including both merchants and consumers - have positive sentiments for mobile-based commerce, according to the MasterCard report.

Mobile commerce is branching out
As a result of the findings, and of consumer's clear preference for purchasing products on their smartphones, MasterCard has announced a number of different programs and initiatives to improve consumer experiences on the devices. One recent news release detailed a opt-in service that MasterCard plans to begin offering, which would enable mobile-based card transactions for users only when their mobile device has been switched on from a specific geolocation. This, according to the release, would allow hundreds of millions of consumers to conduct transactions abroad using their mobile phones, without having to worry about either fraud or declined transactions.

"By leveraging the speed and intelligence of our global network and combining it with geolocation solutions, we are enabling your MasterCard to uniquely work where you and your phone are, anywhere in the world," explained Hany Fam, president of global strategic alliances at MasterCard.

Source: http://www.collectivepos.com/payment-processing-industry-news/payment-processing/mobile-payment-strategies-have-been-fully-adopte