Social Payment Innovations

Globally, digital wallets accounted for 50% of e-commerce purchases and 30% of in-store purchases in 2023, accounting for $14 trillion in transaction value according to latest article. Henceforth let us take a look at some recent challenges in attracting donations to charities and how innovations in social media influence payments for such global cause!

Social Meaning to Money Transfer

Every year, I make some donations to support GOSH charity which fund life saving medical support equipments for sick children and their families but it was really difficult to share such donation events to my network in these six years since majority of the payment were made either by cash, one time money transfer and direct debits. Hence increasing donation possibilities via friends and social media network was extremely limited in previous years due to the mode of payments.

Similarly, I was most interested to attract my friends to look towards charity donation of 'Railway Children India', a charity that protects vulnerable children and young people at risk of abuse, violence and exploitation, and preventing them from slipping into street life.

Thanks to Shreekumar Motghare for patiently explaining about this charity during my visit to InOrbit Mall, Hyderabad.

Let us say that anyone making a small donation to this charity, can easily attract their friends and family to make similar donations when these transactions are broadcasted via online communication or social media platforms. This 'Refer a friend' via social platform would help saving children while travelling in India's largest railways!

Social Payments Platform

Let us look at some of the latest payment innovations addressed social media integration to digital payments which is what a great remedy in attracting donations to right charities (which is my recent year's search)!

A recent social payments platform that allows users to,

'Broadcasting money transactions to a private social activity stream or to a fully public transaction feed'

This is one of the latest feature in famous US payment app! It helps bringing limelight to a payment or money transfer being made via wallet of user's choice. Thus friends and network users of sender get notified when such payments being made -henceforth more likes, shares, emoji and symbols fly across to appreciate or interact about such transactions possible.

These broadcasting opportunities attract social recognitions to users when the money transfer is for a genuine causes such as donation to cancer research, children wellbeing and many more! This is also possible to create 'chain-effect' to attract multiple network users to follow the route to make such donations to good cause!

Rise of Emoji usage to broadcast Payments

At least 43% of transactions of USA's popular social media payment app, shows that either emoji or emoji in combination of texts being used while posting about respective money transactions!

Interesting usage of Emoji on certain Digital Payments

Food and rent are consistently on top two ranks making digital payments online through Social Payment Platform :

Interestingly cab expenses along with travel expenses on train/flights are having higher possibility in taking greater traction to use respective emoji while making payments in coming years!

Emoji influence in increasing Wallet Payments

According to science direct,

Economically, the presence of emojis increases the average number of likes by 72% and the average number of comments by 70% in comparison to posts without any emojis

Emotional emojis positively impact on better consumer engagements and linking social media to digital payment is vital to help increasing cyclic effect on digital wallet usages.

Summary

While social payments platforms are getting introduced in recent years, social media platforms are getting evolved in creating revenue generating possibilities such as tokens or credits. Henceforth, adapting emoji based transaction broadcasting is one of the highly attracted 'Consumer Engagement' while making digital payments in recent times.

Making online donations via social payment platforms would enable 'chain effect' in attracting global audience to help supporting people in need.

Please feel free to visit https://www.railwaychildren.org.uk for making any donations to save vulnerable children. Similarly, https://www.gosh.org/donate/ for help children's well-being.

References and Citations

Amelia Acker, Dhiraj Murthy ,

Volume 52,

2020,

101429,

ISSN 0736-5853,

https://doi.org/10.1016/j.tele.2020.101429.

(https://www.sciencedirect.com/science/article/pii/S0736585320300885)

Abstract: This article describes the social features found in Venmo, a US-based payment app. Venmo is a social payments platform that allows users to broadcast transactions to a private social activity stream and a fully public transaction feed. After assessing and measuring the content and structure of public Venmo transaction messages (N?=?328,769,355), we present findings related to the types of payment transactions, the frequency of emoji and text in messages used for labeling and earmarking payments, and trends in the temporality of payments from the first six years of the Venmo Public Feed. We explore how affordances in Venmo support social features typically seen in social media platforms with public feeds such as Facebook, Instagram, or Twitter. Our findings ultimately detail how mobile payment services like the Venmo support social practices, digital communication, and commerce with social features found in social media platforms. In addition to these descriptive findings, this early Venmo case study develops some implications for the design, study, and impact of researching mobile payment technologies as social media.

Keywords: Mobile payments; Emoji; Social media; Venmo

Eunhee (Emily) Ko, Daewook Kim, Gosu Kim,

Influence of emojis on user engagement in brand-related user generated content,

Computers in Human Behavior,

Volume 136,

2022,

107387,

ISSN 0747-5632,

https://doi.org/10.1016/j.chb.2022.107387.

(https://www.sciencedirect.com/science/article/pii/S0747563222002096)

Abstract: Emojis are increasingly adopted in various platforms, such as text messages, social media, or blogs, as part of other digital communications. Recently, emojis have been used in brand-related user-generated content (UGC) as a strategic communication tool to promote positive outcomes. In spite of their increasing importance, little is known about the impact of incorporating emojis in brand-related UGC on consumer reactions. In particular, few research studies have investigated the joint effect of emojis with texts, which is the most important context where emojis function, and the contextual conditions that affect the influence of emojis on consumer reactions. To fill this research gap, we study brand-related UGC, focusing on the effect of emojis and the contextual conditions (e.g., texts). Using large-scale brand-related social media posts from Instagram, we find that, overall, the presence of emojis is positively associated with consumer engagement. Economically, the presence of emojis increases the average number of likes by 72% and the average number of comments by 70% in comparison to posts without any emojis. The interaction effects between emojis and texts reveal that emotional emojis have a positive and significant relationship with consumer engagement only when the texts in brand-related UGC are being skewed toward positive sentiments. However, informational emojis are negatively related with consumer engagement in the similar context. Additionally, the investigations regarding the contextual conditions show that using more emotional emojis has a positive influence on consumer engagement in commercial posts but a negative influence in general posts.

Keywords: Emojis; UGC; Consumer engagement; Contextual conditions; Social media

Disclaimer: Contents, posts and media used in this account of the author do not represent any organisation of any sort. Under no circumstances will the author be held responsible or liable in any way for any claims, loss, expenses or liabilities whatsoever.

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