Today’s shoppers want seamless payment experiences, whether that’s paying back a friend with a few taps on a smartphone or avoiding a checkout line by paying via mobile. Beyond convenience, retailers are increasingly exploring social platforms, as people already spend a substantial portion of their device time on them and make purchasing decisions based on peer feedback — which quickly translates to social platforms becoming payment vehicles for users.
A great example is China’s WeChat, which combines official retailer accounts that act as user interaction points and brand extensions, and also includes a full suite of payment services through WeChat Pay. It is expected that social platforms in the rest of the world will try to emulate such functions and open up a new form of engagement for brands and retailers.
A great example is China’s WeChat, which combines official retailer accounts that act as user interaction points and brand extensions, and also includes a full suite of payment services through WeChat Pay. It is expected that social platforms in the rest of the world will try to emulate such functions and open up a new form of engagement for brands and retailers.
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