In 2014, Chinese social networking app WeChat pushed the proverbial and literal envelope by pioneering the use of digital red packets.
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With Chinese New Year in full swing, albeit more physically-distanced than ever before, the humble red packet ( hong bao) offers a timely case study that could hint at social commerce as the next hotspot for digital payments.įor generations, the handing out of red packets has been a tradition for family members to exchange well wishes during festive occasions. The real appeal lies in its ability to offer a quick solution for brands of all sizes to become embedded into the daily lives of their target audiences, with digital payments functioning as the intermediary for user engagement. Known as MeetSG, the initiative allows Chinese MICE travelers to purchase tickets to leisure venues such as Gardens by the Bay, Sports Hub and Sentosa with WeChat Pay.īased on what we see from the examples above, social commerce isn’t just all about making your social feed or app the new Orchard Road or the next Pratunam Market. In a world first, the Singapore Tourism Board launched a WeChat Mini Program – a sub-application embedded within WeChat – targeting Chinese MICE (Meetings, Incentives, Conferences and Exhibition) travelers. In the same year, Instagram launched its checkout function, a feature that allows people to purchase products they discover on the platform without ever leaving it. Currently, users are able to pay for purchases on Facebook’s Marketplace, make peer-to-peer (P2P) payments and even donate to fundraisers. In 2019, Facebook launched Facebook Pay in the United States, which is being progressively rolled out across Facebook, Messenger, Instagram and WhatsApp. With such large user bases, these platforms are perfect for monetization through e-commerce and digital payments. However, it is closely followed by other popular social media and messaging apps such as WhatsApp and WeChat with 2 billion and 1.2 billion users, respectively. When it comes to the battle of social media platforms, Facebook leads the pack with 2.8 billion monthly active users. It’s safe to say that there’s never a dull moment when it comes to the region’s fintech scene! But once the dust has settled behind this latest wave of merger and acquisition activity, what will be the next frontier for digital payments? Not missing a beat, Gojek’s competitor Grab has been keeping busy by purchasing stakes in popular e-wallets such as Indonesia’s LinkAja.
In Asia Pacific specifically, we’ve seen Facebook and PayPal join Google, Tencent, and other leading technology firms in backing Gojek, a popular Southeast Asian super app. Just over one year into the COVID-19 pandemic, it has been impossible to ignore the stratospheric growth of digital payment methods across the world.
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Wed, Febru 10:50 509 99d7d57c053835b586346346213f6087 2 Opinion payment,digital,Chinese-New-Year,GoPay,OVO,Facebook,WeChat,PayPal,Asia-Pacific,e-commerce,fintech,Alibaba Free
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