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Social media in-app payment options have become so advanced that apps have gotten creative with how users can spend their cash.
Innovative payment options are available and we look at some of the latest options that put five-year payment options to shame.
The days of simply tapping to make a payment on a card machine are fast becoming history as social media introduces more ways of how consumers can spend cash online.
Apps such as TikTok, Instagram and Facebook have introduced several ways on how content creators can make a quick but using their main line of influence, which is their profile.
Live Shopping from TikTok
TikTok LIVE Shopping allows creators to host live streams to showcase their array of products. Viewers then have the option to purchase directly through the live stream with interactive features like product links and instant checkout.
Instagram and Facebook LIVE options
TikTok isn’t the only one with options as both Instagram Live and Facebook Live bring some options to purchase directly from the live stream.
Live streaming may be an incoming marketplace of the future as it prompts viewers to make impulsive buying decisions.
Live stream purchases seem engaging and create a sense of urgency. Couple that with a little excitement and you have users making impulsive buys, with product recommendations directly from the creators.
Live links provide what seems as seamless checkout options but live streams have been prone to harbour technical glitches. While this could be an issue in some instances, online shopping how however daunting appears to be the shift forward.
Instagram allows viewers to purchase badges during creator live streams as a show of support. The badges also unlock some exclusive features such as chat highlights.
TikTok Coins allows users to purchase virtual coins that can be used to tip creators and buy virtual gifts.
Facebook has Facebook Stars, a virtual currency system allowing users to tip creators during a live stream.
TikTok LIVE Subscription is a platform where creators offer exclusive content, live streams, and other creative benefits to paying subscribers.
Instagram subscriptions and Facebook fan subscriptions work similarly. Creators offer exclusive content and perks to paying supporters.
The leap from five years ago
Comparing in-app payment options to five years ago, apps have leapfrogged us all into the now.
The latest options for creators from apps such as Instagram, Facebook, and TikTok highlight the incoming marketplace for products, an arena where content creation will be used packaged, and leveraged in order to reach the end consumer.
Social media platforms are getting creative with how users spend their cash, offering innovative and diverse payment options.