Global Social Media Payment Solution Market - Introduction
- 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.
Key Players Operating in the Global Social Media Payment Solution Market
- Allied Wallet, Inc.
- Bango PLC
- Boku Inc.
- Huawei Technologies Co., Ltd.
- PayPal Holdings, Inc.
- SLA Digital
- Tola Mobile.
- txtNation Limited
Global Social Media Payment Solution Market: Research Scope
Global Social Media Payment Solution Market, by Revenue Stream
- Data Licensing
- Content Marketing
- Premium Deals and Offers
Global Social Media Payment Solution Market, by Authentication Type
- Single-factor Authentication
- Two-factor Authentication
Global Social Media Payment Solution Market, by Payment Type
Global Social Media Payment Solution Market, by Payment Channel
- Mobile wallets
- Direct Carrier Billing
- Payment Application Programming Interface (API)
Global Social Media Payment Solution Market, by Transaction Type
- Peer-to-Peer Transfer (P2P)
- Business to Consumer (B2C)
- Business to Business (B2B)
Global Social Media Payment Solution Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.