Why payment systems integrated in social media will become prevailing very soonJanuary 17th, 2018
There is no doubt that social media has become an essential communication method for people and businesses on a global level. Apart from being used as one of the most effective tools for advertising and brand promotion, expectations are that social media will soon become popular payment gateways for millions of users on a global level pretty soon.
The numbers of social media users worldwide are increasing rapidly each year, and forecasts show that they will continue to rise up to 2020. Statistics show that nearly 71% of the people around the world rely on social media when choosing a product or service to purchase, which makes social media one of the most powerful e-commerce tools.
The next logical step is the introduction of payment systems within the most popular social media apps and sites. Already, the leading social media apps have introduced some payment options, such as direct online purchasing and peer-to-peer payments which are becoming growingly popular among users in the US, Europe and East Asia.
Here are some of the existing payment systems in social media
Venmo was the first e-wallet app which utilizes social media for payment notifications by allowing users to synchronize their Facebook account with their e-wallet.
Facebook messenger is becoming a growingly stronger support system for many businesses so it comes to no surprise that the social media giant introduced a peer-to-peer payment support system for the app, which is still being tested and can be used in the US.
Snapcash for Snapchat is another similar peer-to-peer payment tool which allows users to send money to others directly via the app.
Twitter Purchase is a new option allowing businesses to sell their products to their followers directly via a Tweet. The buy button allows users interested in the product in the Tweet to choose to purchase it directly via Twitter.
WhatsApp too is expected to launch a UPI based payment system for the growingly popular social media app.
Forecasts for the use of social media based payment systems in the future
Banks are among the first businesses to utilize social media payment tools for easier access for their customers.
Expectations are that pretty soon mobile payment systems and terminals will become the new thing when it comes to all kinds of payments including those done through social media apps. This comes to no surprise given the fact that billions of people are using smartphones and other smart devices around the world for all kinds of services, including easy and quick payments.
With more people using their mobile phones for making online purchases, the leading social media companies are taking advantage of this fact and are adding new features to their mobile apps to help businesses reach their potential customers quickly and easily, such as the social storefront feature available on Facebook which allows retailers to reach more of their potential customers directly via special targeting algorithms provided by the system.
With social media becoming an essential business and marketing tool, it is essential that it is easier for maintenance and for streamlining. This means that the introduction of easy to use payment systems which the users can access directly for a quick purchase of the product of their choice is the next proper step for all the leading social media apps and sites. This feature will help increase the chance of quick purchases of more products and will help online retailers boost their sales based on social media as a whole.
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