2018-08-08 23:59:20Marketing a Business: Social MediaEnglishAre you ready for social media payments? Social media use is rapidly growing in India and so is the use of online payment tools. If you...https://quickbooks.intuit.com/in/resources/in_qrc/uploads/2018/08/consumer-makes-social-media-payment.jpghttps://quickbooks.intuit.com/in/resources/marketing-a-business-social-media/are-you-ready-for-social-media-payments/Are You Ready for Social Media Payments?

Are You Ready for Social Media Payments?

2 min read

Social media use is rapidly growing in India and so is the use of online payment tools. If you already use social media for marketing, you can get paid easier and faster by linking a mobile payment app to your marketing efforts.

The Evolution of Social Media Payments

Online marketplace payments began evolving in 2015. That’s when social media platforms such as Facebook, WeChat, and Venmo started offering consumers faster payment choices with e-wallet systems. It wasn’t long before Twitter, Snapchat, and WhatsAPP jumped on the mobile wallet bandwagon. Because they were new, e-wallets went through a consumer testing phase. Early pioneers who took a chance on e-wallets found they were simple to use and trustworthy. In short order, more and more users set up e-wallet accounts thanks to positive reviews.

Indians are increasingly using global social media platforms, and Indian banks are noticing. Are you one among those who make heavy use of smartphone? If so, then you’re part of the growing base of businesses and consumers who prefer buying and selling through mobile apps. The magnitude of this trend is undeniable. Before long, mobile payments are going to dominate the marketplace.

How Do E-Wallet Payments Work?

An e-wallet is a software program that transfers money electronically through a sophisticated mobile app. Getting started is as easy as downloading an e-wallet app to any smartphone. Next, the account holders follow easy instructions for linking their e-wallet account to their social media account. Once linked, money is transferred between parties often instantly after completing a transaction. Since banking details are verified by the e-wallet, there’s no need for an extra verification step.

Tracking E-Wallet Payments

Conveniently, top-notch mobile payment apps include a function that helps you track invoices. You can literally carry your entire collection of invoices in your pocket. This gives you the flexibility to stay up-to-date with customer payments. Some customers pay quickly, while others linger a bit too long. Thanks to the in-app reminder function, you can easily jog the memory of slow payers.

Increase Sales With E-Wallet Payments

Your business thrives on sales, and e-wallet systems help increase sales by nudging social media users toward quicker buying decisions. Say you create a social media post about a product, attaching a time sensitive deal to the offer. While using their phones, customers can take advantage of your deal by purchasing through their e-wallet. Therefore, if you want more sales, simply offer the same deal on multiple platforms.

Looking Toward the Future

As of May 2018, social media payments in India are still in early stages. That’s a good thing if you’re keen on being an early adopter. Social media usage numbers are already quite impressive. India has over 130 million users between Facebook and Twitter alone. Add other social platforms to the mix, and you can see where this trend is heading.

Well then, are you eager to get ahead of the competition? Are you ready for social media payments? Start testing the social media payment waters now. If you’re new to social media marketing, you can use this time to test platforms and marketing campaigns. Many Indians are looking for fast ways to pay from their mobile phones. With the right marketing message and payment apps, you’ll be ready for massive success once that big wave of social media users arrives.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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