MasterCard Worldwide on Tuesday unveiled the MasterCard Mobile Payments Readiness Index (MPRI), 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.
On the MasterCard Mobile Payments Readiness Index, India achieved a score of 31.5, driven by high scores in the Infrastructure component, moderate scores in Financial Services and Consumer Readiness, and lower scores in overall Environment. Consumer Readiness scores are in line with India’s overall ranking on the index number 21.
The MPRI identified Singapore, Canada, the United States, Kenya and South Korea as the most prepared markets. The Index indicates that while it’s early stages for mobile payments adoption, all markets globally, either highly scaled and integrated ones like the United Kingdom or compact and technology driven ones like Singapore are making progress towards reaching an inflection point where mobile devices account for an appreciable share of the payments mix.
India’s annual investment in telecommunications of $69.7B and a high number of mobile phone subscriptions gives it a leading spot in Infrastructure the second best on the Index.