Singapore most prepared for mobile payments globally: MasterCard

Mastercard's Mobile Payments Readiness Index also saw South Korea, Japan and China make the top 10 list of most prepared countries. However, Indonesia was shown as the least prepared country in Asia and ranked 33 globally.

The research showed that on a scale of zero to 100, the average mobile readiness score was 33.2. No market reached the inflection score of 60, prompting MasterCard to caution that there is still work to be done before mobile payments become mainstream.

However, the report showed that some markets are making progress toward attaining the right mix of market forces and consumer acceptance.

Singapore is leading the pack, scoring 45.6 through its combination of an efficient regulatory system and mobile phone infrastructure, the report said.

While only 23 per cent of consumers are willing to adopt mobile commerce in Singapore, this is the highest acceptance across all countries surveyed.

The report said citizens of the Philippines are familiar and frequent users of mobile payments compared to other countries, adding that improved consumer education and marketing efforts could drive wider adoption of mobile payments.

Indonesia ranked as the least prepared country in Asia because of its below-average telecoms infrastructure. Consumers are also not yet persuaded of the value of mobile payments, the report added.

Mastercard's Mobile Payments Readiness Index top 15 most prepared countries globally:

1. Singapore
2. Canada
3. United States
4. Kenya
5. South Korea
6. Japan
7. United Arab Emirates
8. United Kingdom
9. Saudi Arabia
10. China
11. Taiwan
12. Australia
13. The Philippines
14. Malaysia
15. Hong Kong