29th June 2012. A new global study from MasterCard Worldwide shows Australia is on track for a cashless future – but the country still has obstacles to overcome before mobile payments become the norm. The winners are – Canada, Japan, Kenya, Singapore, and the US.
Click here to view/download the report (23Mb in size)
The MasterCard Mobile Payments Readiness Index (MPRI) reveals Australia now sits middle of the pack globally in our readiness for mobile payments, with 17 percent of Australians surveyed willing to use a mobile device to pay for goods in-store.
The index found those leading the charge toward a mobile payments future in Australia are young, affluent men aged 18-34 years who recognise the value in using platforms like PayPassTM and the soon to be launched PayPass Wallet Services.
The global index scores Australia 35.3 in mobile payment readiness, just above the global average of 33.2. Singapore, considered the most advanced country in mobile payment readiness scored 45.6 – the closest nation to the optimum readiness target of 60 points.
The results follow a recent MasterCard Australia online shopper survey which revealed 71 percent of Australians have access to the internet from their mobile phones, but in contrast only five percent claim to have made a recent purchase.
Key elements are deemed to be:
- Consumer Readiness – MasterCard surveyed an average of 1,000 consumers in each of the 34 markets regarding their familiarity with, willingness to use, and current usage of each of the three types of mobile payments.
- Environment component measures economic, technological, and demographic elements such as a market’s per capita income, consumer access to the Internet, and how well businesses adapt to new technologies.
- Financial Services component measures the level of development of consumer financial services, such as how well consumers are treated by the industry, the accessibility and affordability of financial services, and the penetration rate of payment cards.
- Infrastructure component measures the breadth and sophistication of the mobile phone industry by calibrating variables such as mobile phone penetration, network coverage, and levels of NFC terminalization.
- Mobile Commerce Clusters component analyzes partnerships or joint ventures among financial service companies, telcos, governments, and other members of the mobile payments ecosystem. As no one entity can develop and promote mobile payments by itself, partnerships generally ensure smoother and more successful product introductions.
- Regulation component assesses the structure and efficiency of a market’s legal and governmental bodies in terms of how they interact with.