Electronic Payments Innovations for Social Media

he advent of the internet has brought us numerous innovations that make our daily lives easier. Two of them are electronic payments and social media. And, while they may seem two different things, they have recently merged to make our online interactions even better.

This technological breakthrough seemed a fantasy only two decades ago. Today, we have high-quality e-payment systems like First Payment Provider that help us send and receive payments rapidly and safely. Furthermore, people worldwide are using them almost every day. Here is how they do it!

Europeans Prefer Paying with Smartphones

Nowadays, billions of people prefer paying with credit or debit cards. And most of them choose to use them digitally. For instance, most respectable businesses provide online payment solutions. Therefore, customers have developed a knack for paying for everything over the internet.

Lately, social media platforms, such as Facebook and Instagram, have included electronic payments in their extensive services offers. This way, users can pay for products and services while browsing their favorite social networks.

As we speak, the general public is adopting these e-payments through social media alternatives. And, this initiative has had the most success in Europe. Here, mobile banking goes hand in hand with online payments. Furthermore, most people have an electronic payment service integrated into their social media profiles. So, when they see something they want to own, they can pay for it with a touch of the button and almost instantly.

An image of a silver pen and a credit card.

QR Codes are Taking over South America

On the other side of the world, people are also embracing electronic payment. It is the case of South American citizens, who prefer paying seamlessly and cashless. However, contrary to their European counterparts, they prefer paying through QR codes.

This e-payment solution requires users to have smartphones that can recognize and scan QR images. And, almost all smartphone models can do so nowadays. Next, users have to integrate their e-payment service into their phone applications. This way, the next time they want to pay, they can use the phone’s camera for less than a second.

Since this payment method is increasingly popular, many businesses in South America are implementing it. The growing number of electronic payment users helps enterprises develop faster. Also, since the circulating supply of cash diminishes, the level of financial corruption tends to drop.

North America Embraces All E-Payment Methods

Undoubtedly, North America is one of the regions with the most social media users. Additionally, it consists of two of the most developed countries, the U.S. and Canada, and Mexico’s fast-emerging economy. Therefore, the framework for online payments is well established here. Also, citizens of these countries find e-payments better than cash payments.

In this part of the world, people like to use every e-payment method they can find. For instance, they use their credit and debit cards online to pay for stuff. Secondly, they use wearable devices that can pay contactless in almost every store. Lastly, they sometimes choose to pay by scanning QR codes, thus carrying less or no cash wherever they go.