Singaporeans raring and ready to try mobile cashless payments

A survey conducted worldwide by Mastercard reveals Singapore as one of the key markets ripe for this emerging cashless payment system.

In a release, MasterCard Worldwide unveiled the MasterCard Mobile Payments Readiness Index, 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. The MPRI found that while no two markets are the same, consumer readiness is the critical success factor to drive mobile payments adoption around the globe.

The MPRI identified Singapore as one of the most prepared markets, along with Canada, the United States, Kenya and South Korea. The Index indicates that while it’s early stages for mobile payments adoption, all markets globally, such as technology-driven Singapore, are making progress towards reaching an inflection point where mobile devices account for an appreciable share of the payments mix.

The Index also found that young affluent consumers between the ages of 18 and 34 years old are the most willing to engage in mobile payments as they recognize the value of using mobile payments instead of cash or payment cards.

In addition, findings of the MPRI reveal that partnerships among the key players in the mobile payments ecosystem are essential to accelerate the commercialization of mobile payments. Cooperation and collaboration among financial institutions, telcos, governments, technology providers and others can foster an environment that enables a market to reach critical mass.

One of the other key findings was that consumers in the developed world are drawn to the convenience of mobile phone payments.

“Technology infrastructure, a responsive regulatory environment and a robust economy are table stakes for the advancement of mobile payments,” said Theodore Iacobuzio, vice president, Global Insights, MasterCard Worldwide. “The necessary conditions are consumer readiness and industry integration. As no one entity can develop and promote mobile payments by itself, key players in the ecosystem must work together to collectively advance the cause of mobile payments.”