Given the ubiquity of mobile devices, it’s no surprise people around the world say they welcome further digital innovation.
Mastercard’s recent “Impact of Innovation” report surveyed consumers in 23 countries on their attitudes regarding digitization and how it impacts their daily lives. Across both more- and less-developed markets, consumers stated positive opinions about digital innovation. Of those polled, 92 percent said digital innovation positively impacts society.
Additionally, the study explored consumers’ willingness to adopt payment innovations such as mobile payments. Western Europeans were the least likely to adopt mobile payments at 38 percent. Middle Eastern and African consumers showed more readiness at 70 percent.
While consumers do want more digitization, they also want it to be secure. Surveyed consumers named bank account security as their number one priority regarding mobile payments. Personal data security came in second.
As the demand for digital innovation continues to grow, community financial institutions (FIs) have an opportunity to position themselves as consumers’ trusted sources for mobile payment apps. The robust security measures FIs have in place can give consumers confidence that their personal and financial information is safe.
