Social and digital payments are helping to monetize social interactions, and embed exchange within them. Humans are social animals, and social interactions are inherently valuable. Companies have noticed and are facilitating social interactions, to position themselves well for any resulting commercial transactions. Conversational commerce companies or chat-based payments enable financial transactions within social conversations. Apple does this within iMessage, through the Apple Cash payment functionality, but also through business accounts on iMessage that couple customer service with one-click links to payment portals. FIS, Stripe, and Adyen all enable chat-based payment functionality. The ever-increasing insertion of commercial interests into social interactions makes it easier to facilitate transactions but makes consumer backlash a possibility, too. Companies will need to navigate the fine line between enabling consumers to do what they want versus alienating consumers by entering into their most private moments. Moving forward, tokenization could help to enable these payments in a more intuitive and embedded way.
Social and digital payments