All have embarked, with varying degrees of success, in mobile payment. Social networks are not the only ones wanting to get into mobile payment. Banks, smartphone manufacturers, Google and other pure players are currently leading a race in mobile payment. Who will stand out in a country, for the moment, not very inclined to this new method of payment? The meteoric success of WeChat Pay in China: an example for other social networks to follow China is a successful example of mobile payment. The market is mainly dominated by Alipay (Alibaba) and WeChat Pay (Tencent). If the Alipay mobile payment method comes directly from an e-commerce platform, WeChat Pay comes from an instant messaging application. Although Alipay is the forerunner and is legitimate as a major player in e-commerce, WeChat has managed to establish itself quickly. ! The success of WeChat Pay is due in part to a genius idea.
What do WeChat, Facebook, Instagram, Twitter, Snapchat or Pinterest have in common, if not being social networks. In China, it is customary to offer red envelopes containing money to loved ones on the occasion of the Chinese New Year. At the 2014 New Year’s Eve Gala, virtual red envelopes were distributed to guests through the WeChat Pay payment service. This launch with fanfare allowed WeChat to present its mobile payment platform. As a result, 1.2 billion red Cameroon Phone Number List will have been sent at the end of this New Year. This year, 46 billion red envelopes have been exchanged. Mobile payment: when e-commerce is invited on social networks Since that date, a real “war on red envelopes” has arisen between WeChat (Tencent) and Alipay (Alibaba). The latter keeps its leading position thanks to Internet payment, but is losing market share in mobile payment, to the benefit of WeChat Pay.
Mobile payment at the heart of the social media strategy
Mobile payment at the heart of the social media strategy Facebook: payment on Messenger arrives in France at the end of the year WeChat started out as a mobile instant messaging application. From now on, the application is a real digital Swiss Army knife. It is as much a social network as an e-commerce and mobile payment platform. You can talk with friends as well as meet strangers from all over the world just by shaking your phone. But it goes beyond the social aspect. You can book a taxi or plane tickets, order a pizza, reimburse a friend, pay their bills, play games, pay in a store, make an appointment with the doctor, reserve a table in a restaurant, etc. And the list is long. This is where we realize the delay of Facebook compared to its Chinese counterpart, especially in terms of mobile payment.
Mobile payment: when e-commerce is invited on social networks The meteoric success of WeChat in the mobile payment market has inspired other international social networks, such as Facebook. However, this delay is especially visible in Europe. The American social network is currently testing mobile payment in beta in the United States, where the “ buy button ” and payment on Messenger have already existed for some time. In addition, Facebook was to obtain a license from the European Central Bank authorizing it to carry out transactions in Europe, a license obtained last November. Thus, we will soon be able to pay directly on Facebook. The money transfer on Messenger is announced in France for the end of the year . As for the “Buy” button, already available, it will allow you to make purchases directly on Facebook, without having to go through the e-commerce site.
The meteoric success of WeChat Pay in China: an example for other social networks to follow
Buy button: from inspiration to the conversion, there is only one not button Before Facebook, other social networks tried their hand at Social Commerce. Twitter launched a “Buy” button in 2014, but since the start of the year, due to lack of success, the button has disappeared. Nonetheless, the more visual social networks seem to benefit more from Social Commerce. Instagram and Pinterest, the social networks where you need to be inspired, are particularly going in this direction. Instagram has announced the launch of Instagram Shopping. Thanks to this function, you will be able to stage and identify your products on Instagram. On each photo, you can identify up to 5 products with their price. By clicking on a product tag, the user will discover a description and a “Buy” button to complete the purchase on your site. Pinterest’s e-commerce pins ( Buyable Pins ) follow the same principle.
A figure that has been steadily increasing since 2012, but not as much as the payments made per user which more than doubled between 2015 and 2016. However, these two functions are currently only in the testing phase in the United States. Buyable Pins from Pinterest What about Snapchat? Snapchat launched Snapcash in 2014, a system for transferring money between friends. A priori, Snapcash has not crossed American borders. Snapcash from snapchat Since that date, no other mobile payment functionality has been deployed. Unless it changes soon. Shane Wey, CEO of Mighty Signal, a company specializing in mobile apps and dev kits, noticed movement in Snapchat’s dev kits last June. In his article , he explains that a PayPal SDK was recently installed. So, is it to enable in-app purchase of Shows, to improve Snapcash, or to launch a new feature like Pinterest and Instagram’s e-Commerce IDs? The future will tell.