Mastercard Introduces Digitalization of Life Research Findings in Georgia
Mastercard introduced its Digitalization of Life Research outcomes in Georgia at a presentation held at their new office in Regus Georgia on February 1.
The findings presented by Igor Stepanov, Regional Director of Mastercard in Georgia and Central Asia, indicate that 83% of Georgia’s residents support digitalization of banking services and three out of four consider smartphones the most preffered gadget for payments. The ‘Digitalization of Life Research’ study was carried out by IPM Research for Mastercard in autumn 2017, surveying 1000 card holders and users of banking services, both men and women aged between 20 -75, in the cities of Tbilisi, Kutaisi, Batumi, Rustavi, Zugdidi, Poti and Gori. CATI, computer-assisted telephone interviewing, was used as a survey methodology.
Results of the study also show that Georgia’s residents “support global digital trends and outstrip European preferences for innovations in some areas,” with 74% of survey participants indicating that mobile phones tend to be the preffered devices for payments, and 44% of the respondents considering fingerprint recognition the most favored method for identification, as opposed to 38% of Europeans who consider it as the most preferred method.
It was noted that 76% of the survey respondents already have positive experience using digital services. However, according to the research results, time-saving and speed remains the key challenge with regards to usage of such innovative technologies for the residents of Georgia, a fact highlighted by 69% of the survey participants. Bill payments, online shopping and money transfers are said to be the most frequently used digital financial services in Georgia.
The study also highlighted that 48% of the survey participants use contactless cards for payments, most frequently in grocery retail. The study findings suggest there is a growing demand for card payment possibilities in taxis, on public transport and in online trading.
Special offers from banks were noted among the key benefits Georgian card holders would like to have from the banks (64%). 48% of the research participants stressed they would like the possibility of using another bank’s ATMs and 48% said they would like discounted banking products. The research also indicated that residents of Georgia would like to see more digital innovations in the healthcare, education and public transport spheres.
“Many of the solutions we provide are based on contactless payments, which is a global trend. Georgia has the highest rate in contactless payment in the region,” Stepanov noted during the presentation.
“The fact that smartphones are used as the most preferred devices for payments is quite logical, as mobile phones are increasingly becoming an integral part of our everyday lives,” he said, also underlining the growing trend of so-called chat bots used in banking services and the significance of e- and mobile commerce.
“By the end of 2018, the majority of m-commerce is going to get 50% of global e-commerce market,” he said, going on to emphasize that Mastercard is continuosly investing in providing maximum security in payments to its customers.
“The research findings in Georgia indicated that a growing number of cardholders would like to see cashless payment possibilities in taxis, on public transport and in stores,” Stepanov noted. “There’s also a clear demand for bank discounts and use of other bank’s ATMs” he said, noting that 32% of cardholders in Georgia, according to the research, use cards for payments only once a week, cash withdrawal from ATMs being one of the most frequent operations.
“The Mastercard study confirms once again how much Georgia is open to innovation,” Stepanov said. “The contactless card has already become a symbol of speed and comfort of payments in the country. Today, we are seeing the emergence of a new trend: smartphone payments. We at Mastercard do a lot, together with our partner banks, to develop the ‘digital’ lifestyle. For example, Georgian cardholders got new opportunities for digital payments with the launch of the first NFC-wallets for smartphone payments in the country.”
“Today, we are actively working to introduce biometric payment solutions to allow safe payments with fingerprint or face recognition during online shopping, and payments using a phone or a tablet,” he underlined.
“In terms of a cashless economy, Georgia has made considerable steps; its market is very progressive, and with regards to Mastercard’s plans for 2018 in Georgia, we’re looking towards implementing more innovative solutions together with the Georgian banks, improving the services we already have, and increasing customer involvement in innovative banking services.”
Nino Gugunishvili