Technology makes things easier for people. You can easily reach almost everything you need without stressing out. You can order food without leaving your bed or shop for items while relaxing on your sofa. And when it’s time to pay, the social payment got your back.
What is Social Payment?
Have you ever heard of PayPal, Venmo, Apple Pay, or Google Wallet? These are great examples of social payment that many people use now. You might be familiar with the mentioned payment methods as people usually use them in games. However, they go beyond that.
Online social payments allow a person to send money to another person when they purchase. If they connect their bank account or other third-party payment methods to these apps, the money sent will go directly to it. Meanwhile, when the person makes a payment, the app will get the money from the bank account connected to the app. But don’t worry. Even though the internet may be a scary place to trust your money, there is a mechanism that encrypts the transaction for its safety.
Social Payments Key Benefits
There are many benefits that you may get when you use social payment. Aside from buying things with social this kind of payment method, you may also use it to purchase or even get a loan. Everything you want to do, you will be able to do in an instant. Using these payment methods makes it easy to buy things off and on the internet. You can pay your friend instantly if you owe them. Others even prefer social payment when selling items since they can be untraceable.
Since the pandemic started, it is better to avoid any contact. And so, using one of the social payments allows you to go cashless. The only thing that you will have to do is to scan a QR code, and you are already paying for the product. Another beautiful thing about cashless payments is that you will no longer have to bring your wallet full of cash. All you need to get when you go out to buy groceries or eat outside is your handy-dandy phone. Your money is safe and sound at home, and the likelihood of theft and losing your wallet is lower.
Furthermore, it is also helpful in online shopping. Online shops are now taking over brick-and-mortar stores since it is more convenient for sellers and customers. People can browse the products with ease on their phones or computers. And when they find something they desire, they can buy it right then. With the use of the social payment, they can easily purchase what they want.
If you are forgetful, storing your information in social payment will save you the trouble of checking your card for the account number. Whatever app you use will keep the credit or debit card that you connect.
Some social payments can help you save money. The apps themselves or the stores that have partnerships with the payment method give deals to the users. Sometimes, discounts are only available on that social payment or when you use the app.
Disadvantages of Social Payment
Despite the beautiful things you can do with social payment, you must also consider that these innovations will always have a downside. Different apps have their strengths and weaknesses, but the general problems that users might face are below.
First, since this social payment is online, you must still expect and be concerned about possible hackers. You can lower the risk of getting hacked, but no one can fully exhaust this possibility. Once your information is online, it is out to the public. Some might not steal from your bank account but takes your data to scam. When you choose a social payment, make sure to select one with encrypted transactions. There are also other features that an app can use to increase its cybersecurity, so take your time to read all of them.
Make sure always to have passwords to your phones. Some apps also require you to have a PIN that you must put when you purchase a sign of confirmation. If ever you misplace or have your phone stolen, there is a high risk that they can get your bank account. Remember, the social payment will remember your credit, debit, or other third-party payment methods so that you will no longer need to input it every time you use it. If you lost your phone, immediately deactivate your app account or lock your bank account so they cannot use it.
If it is your first time to have a social payment, always read their private data and privacy before connecting everything to it. Doing so will alert you to what you might be facing or how well they assure you they have excellent security. Do not skip this part when creating an account.
How Does Social Payment Revolutionize eCommerce?
It is evident how much social payment can change the world, especially in eCommerce. Many people have been yearning for this future. It makes transactions easier for both the merchant and the customers. Instead of carrying a lot of things when going outside to buy something, all you will need now is your smartphone. With just one click, you can have what you want.
People will have less stress going back and forth to purchase an item when shopping online. Instead, with the social payment connected to your bank accounts, you will no longer need to leave the website or app. Many people are going online, so no doubt having social payment in a business will increase their edge and overall revenue. Shops will also gain more loyal customers since the seamless experience, convenience, and speed satisfies them.
You can do much more with a phone in your hand. This technology used to be a luxury but is now necessary for a convenient life. Indeed, social payment is a futuristic invention that is very useful in many ways.