MasterCard's Mobile Payments Readiness Index 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 study showed that some markets are making progress toward attaining the right mix of market forces and consumer acceptance.
Singapore is leading the pack, but South Korea, Japan and China also made the top 10.
South Korea is committed to long-term growth of mobile payments given the partnerships that are being established between South Korean banks and network operators, the study said.
Japan received an overall score of 39.6, coming in sixth position globally. The overall environment in Japan is favourable for mobile payments, but ultimately consumer adoption will be the critical success factor, according to the report.
It added that China’s long-term prospects for mobile payments are very high, driven by strong investment in telecom services and a “significant appetite” among consumers.
With marketing and product education efforts, China could see “significant” lift in the number of consumers using phones at the point of sale, the report said.
Mastercard's Mobile Payments Readiness Index 15 most prepared countries:
- Singapore
- Canada
- United States
- Kenya
- South Korea
- Japan
- United Arab Emirates
- United Kingdom
- Saudi Arabia
- China
- Taiwan
- Australia
- The Philippines
- Malaysia
- Hong Kong