Mastercard Inc. (NASDAQ: MA) stock plunged by 0.70% at last close while the MA stock continues to decline at last check in the pre-market trading. Mastercard is a financial processing firm with a worldwide presence. By making transactions secure, easy, smart, and open, MA’s goal is to link and power an equitable, digital economy that benefits all, everywhere.
What is happening?
In the next year, 93 percent of people will be using at least one emerging payment form, such as bitcoin, biometrics, contactless, or QR code, according to the Mastercard New Payments Index, which was conducted in 18 markets around the world. Nearly two-thirds of respondents (63%) say they’ve used a new payment system they wouldn’t have tried before, but the pandemic has inspired people to use more flexible payment methods to get what they want when they want it. With this increased interest and customer, appetite comes a higher desire from companies to offer a variety of shopping and payment options. In reality, more than half of customers claim they will stop doing business with a company that does not allow some kind of electronic payment.
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Craig Vosburg, Chief Product Officer at Mastercard said,
Mastercard was bound to change its strategy as a result of the pandemic, partially out of need. Retailers around the world must provide a variety of payment options that are easy to use and often available in order to have the convenience and versatility that shoppers need and ultimately expect. In order to form the fabric of business and make the modern environment work for all, Mastercard must strive to allow all options, both in-store and online.
Because of its swift, safe, and touch-free experience, contactless technology was the digital stimulus for exploring new payment options. More than 100 markets saw contactless as a share of overall in-person transactions rise by at least 50% between the first quarter of 2020 and the same timeframe in 2021. Contactless is demonstrating its staying power and solidity a year after the COVID-19 pandemic in the first quarter of 2021 alone, Mastercard saw 1 billion more contactless transactions than in the same timeframe of 2020, with particular traction in new contactless markets like the United States and Brazil, where contactless penetration increased by nearly 3x year-over-year in the two markets combined.