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Money tweets and payment posts

PeteIn the ever changing world of social media, who would have predicted the recent movements toward online payments? Over the past weeks both Facebook and Twitter have both unveiled plans to make payments a feature of their platform, allowing users to send money to contacts. Banks are even starting to champion the idea, with one of France’s largest financial institutions making plans to let customers send payments via Twitter, see article.

Admittedly social media and money have never been worlds apart; with independent websites such as Pay with a Tweet allowing consumers to tweet or post about your product to pay to your content/ use. But soon Facebook messenger will allow us to attach money just as easy as we currently attach a photo. The first thought that springs to mind is security, how many tedious security measures in place will be enough to trust the application?

Surely social media should stick to what it knows best – connecting friends, family and perhaps colleagues. Should discussions about money not be kept private? I am a little sceptical, as a concept it is scary and there are a number of unknowns. Time will tell, but I wonder if this is a step too far…

It will be interesting to watch the reaction from traditional payment major players such as PayPal, will they chose to team up with social media? The capabilities of social media platforms appear to be seamless and as an agency we are continuously exploring different ways of using these extremely useful communication platforms to benefit our clients.