- 64% of young people make frequent or occasional payments through applications
- Immediate transfer and confirmation are two of the most important benefits of this payment method
- The difficulty of finding stores that accept this method of payment is the main obstacle to the evolution of this technology
A survey led by Mastercard in partnership with Kantar revealed that mobile devices in Brazil are the preferred option among younger consumers wanting to make payments.t Approximately 64% of young Brazilians often or occasionally make payments through apps, while 57% prefer mobile browsers.
Most respondents said that they increasingly see their smartphones as a valuable tool for their financial lives, valuing the control offered by mobile payments. More than half of respondents believe that immediate transfer and confirmation are two of the most important benefits of this payment method, while 47% point to the ease of use on the go, and 42% say mobile platforms offer an important alternative to carrying a wallet at all times.
On the other hand, the study found that the biggest barrier to mobile payments is the acceptance rate. 41% said that “there are not enough stores that accept payments with mobile devices.” Other significant obstacles to the use of mobile payments are mainly device-related issues: 40% were concerned about what would happen if they lost their handset and 38% stated that battery life could be a potential barrier to use.
According to Sarah Buchwitz, Vice President of Communication and Marketing for Mastercard Brasil and Cone Sul, “the results show that Brazil, like the rest of Latin America, is a fertile ground for the evolution of mobile payments, providing valuable market insights. Understanding the benefits perceived by the consumer and the critical points in their buying journey helps us to be a step ahead in developing solutions that have their needs at the core of our strategy, “concludes the executive in Mastercard’s official statement.
The study covered young people between 18 and 35 years of age in Latin America (Peru, Brazil, Argentina, Chile, and Colombia), while mapping their relationship with technology and money.