How Social Media Payments are Enabling Seamless Payments
retailciooutlook

How Social Media Payments are Enabling Seamless Payments

By Retail CIO Outlook | Tuesday, November 19, 2019

The method of social media payment is emerging as a hot trend and is gaining immense popularity.    

FERMONT, CA: From barter, coins, currencies, and now to mobile devices, payment methods have come a long way. Modern businesses are urged to accept developments in mobile payments, such as social payments. Consumers do not need to scramble for cash, write checks, or wait for invoices. With 88 percent of the population making daily use of social media, it is no wonder that transactions based on social media have become more frequent.

There are several forms of social compensation on the market today. Peer-to-peer payment systems are the most popular of them. Such apps enable users to transfer money to family or friends instantly. Social media giants are also using messaging apps to have their own peer-to-peer payment tools. People can send or receive funds with messaging apps or link a debit or credit card. 

Social payment benefits are many. One is that they make it quick and convenient to transfer funds or payback. The need to write checks or get cash out of an ATM is omitted. Digital transaction services can be downloaded and used free of charge. The payment systems can be easily integrated  into social media payment channels for business owners.

 To accept and receive payments, they must have an account and a connected checking account or credit/debit card.

 

 A chatbot powered by artificial intelligence can be used to transfer money painlessly for larger businesses.

Social payments aim to improve the customer experience by providing fast, cheap, and convenient payment options. There will be some hazards and disadvantages, as with any other software, but these are both things being fixed to navigate people into a mobile payment world.

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