24 March 2017
Hot Financial Trends
Orit Nathan Mahalal

Hot Financial Trends

Orit Nathan Mahalal - Banc De Binary

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Social Media and Mobile Payments Solutions

24 August 2015  |  6113 views  |  1

The Importance of Social Media in Shaping Technological Innovations is Profound!

Fact: Mobile Payments via Social Media is Rapidly Growing    

No one can deny the importance of mobile payments solutions in our daily lives. More and more consumers and businesses are turning to mobile payments as a quick, effective and trusted way of conducting their purchases, transferring money and receiving money. Industry trends are pointing to a growing number of users turning to sites like Facebook, Twitter, Buzzfeed, Snapchat, LinkedIn, Pinterest, YouTube, G+ and others for up-to-date news, e-commerce, social posting and the like. The integration of mobile payment solutions into these and other social media sites is a reality that has already taken root. Industry trends must be monitored in order for businesses to remain competitive in today's times.

Apple Wallet Gets Boosted by Flint

Accepting credit card payments on mobile smartphones and tablets typically requires an external card reader. But now, an app makes it possible for Apple smartphones to accept credit cards with no dongle required. The new mobile payment app is tailored to non-profits, small businesses and freelancers alike. Receipts can be delivered via SMS and the facility is easily integrated into Apple Wallet. This now makes it easy for Flint users to effectively store, process and manage client data, create coupons and generate repeat business. In the U.S. alone, one quarter of mobile users have Apple Wallet. And of that number, some 70% use coupons at big U.S. chain stores. With Flint’s services, businesses can directly target users by offering specials, customized deals and coupons. An embedded QR code reader makes this tech possible. Flint is one of many Apple mobility partners With Flint, mobile users use the camera in their iPhone to scan credit card data, as opposed to running cards through and external card read. Fees for credit card transactions are 2.95% and fees for debit cards run at 1.95% during the first month.

It's not only businesses that are looking to maximize revenues on social media sites via mobile payment solutions; its social media sites too. Payments processing is a vibrant and lucrative investment opportunity to those who jump on the bandwagon with the right products and the most convenient payment solutions. Merchants, banks and financial services institutions are all closely watching how people interact on social media sites and they are in the midst of procuring the right technology to meet consumer demand. Convenience, safety, reliability and rapid processing are preferred by users. In fact, a recent study by MasterCard managed to take into account the prevailing sentiment by consumers vis-a-vis payments processing on social media sites.

MasterCard Study Reveals Uptick in Social Media Chatter on Mobile Payments

The results of the study indicate that security was the talk of the town in 2013 but in 2014 and beyond there's a whole lot more that consumers are interested in. According to MasterCard study of 19.1 million posts on social media sites (YouTube, Google +, Instagram, Facebook, forums, Twitter and Weibo) during 2014, the focus is now clearly on enriching the mobile payments experience. People are now a lot more concerned about things like being rewarded for their loyalty, and what sort of things will be coming within the next two years. No longer are consumers worried about things like safety & security; the focus seems to have shifted to many other topics. Some 94% of chatter on social media sites was favourable towards mobile payment solutions – up markedly from 2013 and 2012. Loyalty rewards for social media-related mobile payments is also the talk of the town, and customers are eager to share news of their purchases online. One of the hottest mobile payment solutions is MasterPass by MasterCard, but it’s just one in a long line of payments solutions.

The mobile payments debate is being driven by top companies like Starbucks, Google, Amazon, Apple, Verizon, eBay and the Bank of Beijing. In terms of devices makers, there are no surprises when it comes to the top tiers – Google and Apple. These companies have influenced social media and mobile payments in a big way. The introduction of wearable tech watches, bracelets and other devices will certainly boost the importance of this burgeoning sector. Even if the future direction of mobile payments solutions is a little unclear, there is a wealth of data to tap into on a daily basis with all the social media chatter taking place. Enhanced digital experiences are clearly the new focus of users when it comes to mobile payments. Things like biometrics and tokenization have become hot topics among social media talking heads! 

 

Social media and mobile payments solutions are intertwined TagsMobile & onlinePayments

Comments: (1)

Balasubramaniam Gd
Balasubramaniam Gd - DBS - singapore | 25 August, 2015, 02:35

The pace in which this segment is getting disrupted is worrying and also exciting at the same time. The pace at which this is accelrating needs to be supported by proper regulation, controls and goverance.  We have not seen much on the later have we ?

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Head of Content at Banc De Binary, an accomplished writer and social media expert. At Banc De Binary, I head a team of copywriters who, under my direction, create content for all aspects of the busine...

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