- Social media is in a continuous state of advancement. Although it’s early purpose was to help connect with friends or other individuals, now it serves as a popular mode to transfer and receive money as well, called “social payment.”
- Social media payment solution provides a mode to transfer money by using applications such as Google Wallet, Paytm, etc.
- Payment through social media trends was initially popularized by PayPal, and other solution providers have meanwhile made their versions, such as Snapcash, Venmo, Google Wallet, Twitter Buy, and Apple Pay. Social media payment solutions are valuable tools for individuals as well as for enterprises. They can either create their proprietary apps or use existing services.
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Adoption and proliferation of immediate payments worldwide: Prominent driving factor of the social media payment solution market
- Demand for social media payment solutions is increasing worldwide. Social media payment solutions allow end-users to make immediate payment by using a mobile phone. Deployment of immediate payment technologies is constantly rising worldwide owing to increasing digital currency and e-commerce activity. This is also a major driving factor which is estimated to enhance the immediate payment technologies market during the forecast period.
- For example, consumers are exponentially deploying immediate payment technologies owing to 24/7 access to transfer payment functionality through smartphones, instant money visibility, prolonged access channels, and security solutions.
- Moreover, rising deployment of immediate payment technologies that comprises the usage of mobile wallets, has led to the access of cashless system into the payment scenario. These factors are significantly driving the growth of the social media payment solution market.
Low consumer interest in picking new technology expected to significantly hamper the social media payment solution market
- Consumer interest is one of the crucial factors which is expected to hamper the growth of the social media payment solution market worldwide. This is mainly due to the lack of awareness of immediate mobile payment services specifically in developing regions such as South Africa. Therefore, low consumer interest in picking new technology is expected to significantly hamper the social media payment solution market.
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North America to hold major share of the global social media payment solution market
- In terms of region, the global social media payment solution market can be segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa
- North America is anticipated to account for major share of the global social media payment solution market during the forecast period due to growing adoption of advanced payment technologies, indicating potential growth of the social media payment solution market in this region. Europe is estimated to be the second largest market for social media payment solutions from 2019 to 2027. Government-led initiatives for a cashless economy is likely to drive the social media payment solution market in the region.
- Asia Pacific is projected to be a rapidly expanding region of the global social media payment solution market during the forecast period due to growing adoption of smart appliances and increasing mobile data usage which is expected to increase the adoption of social media payment solutions in the region.
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