In many countries, the last ten years have seen a decisive shift from cash to digital payments. During the coronavirus crisis, many governments and retailers have actively discouraged using cash; if some form of digital payment, ideally contactless, could be used instead, the move away from cash has accelerated.
在许多市场中，增加了数字付款的使用也得到了增长的增加digital paymentmethods available. These include peer-to-peer (P2P) payment tools, for transferring cash between individuals; some of which can be used through social media platforms as P2P social payments.
这些P2P社会支付的卷和交易价值正在增长，部分是因为社交媒体的使用也继续增加。根据DatarePortal的数据，到2020年7月20日，39.6亿人 - 大约一半的人口 - 是社交媒体的活跃用户。统计数据令人难以置信：2020年7月，Facebook拥有26亿用户;Whatsapp 20亿;Facebook Messenger 13亿;和instagram才超过10亿。数亿人使用其他几个平台，包括Twitter，Tiktok和新浪微博。绝大多数社交媒体用户（关于4.33亿）使用智能手机访问这些平台。
在这方面，不熟悉的是Fintech公司，银行和社交媒体平台都开发了P2P社会支付工具。这些服务必须提供便利性和安全如果他们要成功，但在智能手机使用和数字付款已成为常态的社会中，在使用这些服务时进一步增长存在巨大潜力。
Easy, convenient and free
The first digital P2P cash transfer service was offered by PayPal almost 20 years ago as a way for consumers to pay for eBay purchases. At the time, many people were still nervous about using credit cards online, while many eBay sellers lacked either the need or the means to set up a merchant account with a credit card company.
The P2P social payment services developed more recently can be used for multiple, everyday purposes but are perhaps particularly useful when individuals want to transfer small amounts of money to each other: when splitting a bill in a restaurant, for example. They can also be offered free of charge to consumers (although not all services are free for all transactions) because social media platforms derive significant revenue through advertising.The P2P social payment services developed more recently can be used for multiple, everyday purposes, but are perhaps particularly useful when individuals want to transfer small amounts of money to each other: when splitting a bill in a restaurant, for example. They can also be offered free of charge to consumers (although not all services are free for all transactions), because social media platforms derive so much revenue through advertising.
好吧,established P2P services include Venmo, in the US, which PayPal owns. Users can sign up for the service via Facebook, through which they can also transfer money to other Facebook users. They can find non-Facebook users by searching for their Venmo user name or phone number.
venmo用户通过应用程序访问新闻福利界面，显示其最近的事务。其中一些详细信息也与Venmo网络中的朋友共享，除非用户要求保密这些信息;这Federal Trade Commission (FTC)has reprimanded Venmo in the past for revealing too much end-user personal information. Venmo had 52 million active accounts by the end of 2019 and加工超过1020亿美元during the year.
Another US-based P2P service, Zelle, is owned by a group of major US banks and can be used by customers of many US banks and credit unions, via their existing banking apps, for money transfers. If a potential recipient’s bank does not work with Zelle, they can still use the service by downloading the Zelle app and providing a mobile phone number and email address. Some US banks also now allow small businesses to accept payment via Zelle. There were519 million transactionsmade using the service during the first half of 2020. Elsewhere, Facebook has struggled against regulatory and technical problems but (at the time of writing) looks likely to launch WhatsApp Pay in both Brazil and India shortly.
But perhaps the most exciting example of a P2P social payment service that could be used in multiple jurisdictions in future is Facebook Pay, already available in the US. Users input account or card details once they can use the service to make payments to businesses, donate to charities, and make P2P transfers. They can access the service from Facebook, Messenger, Instagram or WhatsApp accounts.
This is Facebook’s second attempt to launch an effective social P2P payments service: a previous system based on Messenger was closed in the UK and France in 2019 after failing to attract many users. It will be fascinating to see how quickly Facebook rolls this service out to other countries. Facebook’s broader business model’s success means it does not currently need a money transfer/ P2P payments service to bring in any revenue: during 2019,revenue from advertising was $69.6 billion与2018年相比，增加了27％。
Risk management and mitigation
通过社交媒体的P2P付款不可避免地受到安全风险，包括消费者银行账户，信用卡或借记卡信息的曝光。如果安全措施证明不足，消费者的账户被黑了，因此可能没有充分的保险覆盖损失。betway登录入口经受高水平欺诈的服务也造成了重大的财务，监管和声誉风险金融服务companies, fintech, social media platforms and other stakeholders.
These companies are fully aware of the danger posed by these continuously evolving risks. Security measures are taken to address them include more widespread use of two-factor authentication in various forms, including biometrics, OTP codes and secondary security devices to authenticate end-user identity, plus transaction monitoring or device use analysis processes that can identify suspicious activity.
But individual consumers must also take some responsibility for ensuring the security of transactions. Steps they should be encouraged to paying close attention to advice from service providers about using services safely, using strong passwords, logging off websites after transactions, and above all, simply checking carefully to ensure money is being moved into the correct bank account. It is also essential for services to comply with all relevant regulatory and legislative requirements, including the EU Payment Services Directive (PSD2) within the EU, guidelines for accessing UK bank accounts through the Open Banking initiative, and relevant data protection applicable within a given jurisdiction. Such regulations are subject to change, and it seems likely that they will tighten in future as the use of digital payments, in general, continue to grow.
The promise of P2P social payments
With the implementation of adequate security measures, P2P social payments can be made safely. A growing number of consumers will find these services easy and convenient, and they may also help some people poorly served by the current banking system, such as the unbanked, who might not have a bank account but may well have social media accounts and a smartphone.
The evolution of this form of payment forms part of broader changes in the way consumers make payments. These changes will cause significant financial and economic disruption while raising important questions about how consumers and businesses interact with social media and the data generated by those interactions.
But if suitable measures are taken to ensure that the use of these tools is safe, then businesses enabling their use, along with their customers, investors and the economies of countries where these services are made available, will all benefit. If they are not already doing so, businesses and other organisations would be wise to keep an eye on the subsequent development phases in P2P social payments.
To talk to Expleo about how to harness the ever-evolving power of technology to gain a competitive advantage, emailcustomersuccess.esl@explegroup.com.
