Payment Made Easier: What the Role of Social Payment Platform?

Banking CIO Outlook | Thursday, November 07, 2019

During its evolution, social media has been used to connect with people. But over the years, social media has emerged as a platform for mobile payment.  

FREMONT, CA: Barter, coins, paper, plastic, and mobile devices: the evolution of money looks like this. People today use the smartphone to complete daily tasks, including paying for goods and services. That is why businesses are encouraged to embrace mobile payment trends, such as social payments. With social payment, consumers can pay as quickly as possible, and there is no need to fumble for cash, write out checks, or wait for invoices. With 88 percent of the population using social media daily, it is no surprising fact that social media-based payments have become more common.Top Payment and Card Solution Companies

Today, there are several social payment methods available in the market. The most notable among them is peer-to-peer payment applications. These apps allow users to send money to family or friends instantaneously. Social media giants also have their own peer-to-peer payment tools through messaging apps. With messaging apps, people can send or receive funds or link a debit or credit card. The only thing that consumer has to do is input the amount and sent it.

The benefits of social payment are many. One is that they make transferring funds or paying back quick and convenient. It omits the need for writing checks or getting cash out of an ATM. Social payment tools are free to download and use also. For business owners, they can easily integrate their payment platforms into social media payment platforms. They need to have an account and a linked checking account or credit/debit card to accept and receive payments. For larger businesses, a chatbot powered with artificial intelligence can be used to transfer money painlessly.

Social payments are all about enhancing the customer experience by offering fast, cheap, and convenient payment options. As with any other technology, there will be certain risks and limitations, but these are both areas that are being corrected to navigate people into a mobile payment world.

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