Embedded Payments to be Utilized by 50% of Social Media Users by 2023
The world of social media is constantly evolving, and with it, the way we interact with each other and businesses. One of the latest trends in social media is embedded payments, which allow users to make purchases directly within the platform they are using. According to a recent report by Juniper Research, embedded payments are expected to be utilized by 50% of social media users by 2023.
So, what exactly are embedded payments? Essentially, they are a way for users to make purchases without ever leaving the social media platform they are on. For example, if you are scrolling through Instagram and see an ad for a product you like, you can simply click on the ad and make a purchase right then and there, without having to leave the app and go to the company’s website.
This type of payment system has been gaining popularity in recent years, and for good reason. It offers a seamless and convenient way for users to make purchases, which can lead to increased sales for businesses. It also helps to reduce cart abandonment rates, as users are less likely to abandon their purchase if they can complete it quickly and easily within the app.
The Juniper Research report predicts that embedded payments will become increasingly popular in the coming years, with social media platforms such as Facebook, Instagram, and Snapchat leading the way. These platforms have already begun to incorporate payment systems into their apps, and it is likely that others will follow suit.
However, there are some concerns about the security of embedded payments. With users entering their payment information directly into the social media platform, there is a risk that their information could be compromised. It is important for social media companies to take steps to ensure the security of their payment systems and protect their users’ sensitive information.
Despite these concerns, embedded payments are poised to become a major trend in social media over the next few years. As more and more users become comfortable with making purchases within their favorite apps, businesses will have a new way to reach their target audience and increase their sales. It will be interesting to see how this trend develops and what new innovations will come out of it in the years to come.
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- Source: Plato Data Intelligence: PlatoData