Blog

Social payment media a justified phenomenon

Chances are you have not heard of Social Payment Media (SPM), and for good reason. This is a new term. But the trend behind the term – the integration of social media and payment systems – is growing.
17 June 2014
Quality assurance
The article by a1qa
a1qa

Chances are you have not heard of Social Payment Media (SPM), and for good reason. This is a new term. But the trend behind the term – the integration of social media and payment systems – is growing.

Facebook recently announced the development of its own payment system. The company is close to obtaining approval from the Central Bank of Ireland to start a service that would allow users to store money on Facebook and use it to pay and exchange with others, including mobile payments.

Apple is getting close to releasing mobile payment services as well, illustrating the trend: the divide between payment systems and social messengers is fading fast.

Why is this happening?

With the onset of mobile digital communications, people’s behavior has changed dramatically. Data transmission time has reduced, making it easier to organize and monitor business and personal activities. The interaction between people has reached a new level. At first, the mobile message traffic share did not exceed 30 percent of the total communication services’ scope, but with continuous technology developments, the mobile Internet is flourishing. Even popular online business domains strive to mobilize their businesses: E-Commerce => M-Commerce.

The uprising of e-trade has led to a considerable boost of payment services from pioneering online payment systems, such as PayPal and Authorize.net. As a result, today, everyone can get what they need without leaving home; the “pay and be paid online” principle has been established. For example, anyone with a bank account (credit or debit card) can create an eWallet account and pay online for goods and services, using both cash and its electronic equivalent. Furthermore, often the exchange of e-money is more profitable due to partnership programs run by different payment systems.

Simultaneously, highly interactive social media platforms have launched. Social media seriously change the way people communicate in the modern world. It’s no wonder this medium is becoming more and more dependent on mobile technology, and deeply connected to instant messaging tools.

As is the case with social networks, popular instant-messenger offerings like WhatsApp and Viber are becoming an essential part of our smartphone or tablet desktop. The use of push-notification technology has given new life to the development of mobile messengers. As a rule, they are very simple but have comprehensive functionality; they transfer different types of images and videos, and even geo-location parameters. The only thing missing is mobile payments. To place this last piece in the puzzle, we must connect the link between social media, instant messengers and payment systems. In doing so, we get the fastest and safest method to transfer money, providing that mobile apps testing has verified there are no security breaches.

What does the future hold for social payment media?

I foresee the near future will bring a merging of mobile messenger-identification passwords and electronic wallet IDs. Not only will this allow data transfer, but it will significantly assist in quickly and easily transferring money and e-payments. This will expand the functionality and turn the messaging channel into a cash transaction pipe. Thus, e-Wallet could be linked directly to a mobile phone number (not a nickname, username and password), which makes the overall system much more safe and efficient. SPM is a completely new domain – an alliance of payment systems, social messengers and networks – with a bright future.

More Posts

na-st-awards-23
16 November 2023,
by a1qa
3 min read
a1qa shines as the finalist in three categories of the North American Software Testing Awards
a1qa is a triple finalist at the North American Software Testing Awards.
General
Quality assurance
Test automation
6 top reasons why business should invest in software quality
9 November 2023,
by a1qa
4 min read
6 top reasons why business should invest in software quality
We congratulate you on the World Quality Day with the article by Alina Karachun, Account director at a1qa, having 10+ years of QA expertise. Delve into it to explore the reasons why businesses should prioritize software quality.
Cybersecurity testing
Functional testing
General
Interviews
Performance testing
Quality assurance
3 November 2023,
by a1qa
4 min read
From idea to buying: 7 testing types to make your mobile eCommerce solutions flawless
Read the article to discover 7 QA activities helping boost mobile eCommerce solutions quality and provide end users with exceptional buying experiences.
Functional testing
General
Quality assurance
Test automation
Usability testing
On the way to Web 3.0: key software testing aspects for seamless digital experiences. Part 2
12 October 2023,
by a1qa
4 min read
On the way to Web 3.0: key software testing aspects for seamless digital experiences. Part 2
Let’s analyze essential software testing checks to improve the quality of the business-critical Web 3.0 functionality.
Cybersecurity testing
Functional testing
Performance testing
Quality assurance
Test automation
Usability testing
On the way to Web 3.0: key software testing aspects for seamless digital experiences. Part 1
11 October 2023,
by a1qa
4 min read
On the way to Web 3.0: key software testing aspects for seamless digital experiences. Part 1 
In part 1 of this article, learn about the transformation to a new Internet era, Web 3.0, and its benefits for increasing operational efficiency.
General
QA trends
Quality assurance
Software lifecycle QA
Test automation
QA for financial applications: 4 reasons why it is a must-have
14 September 2023,
by a1qa
3 min read
QA for financial applications: 4 reasons why it is a must-have
Striving to release high-quality financial apps? Read on and discover 4 core reasons why your eBanking solutions need software testing.
QA consulting
Quality assurance
Test automation
gaming-qa
24 August 2023,
by a1qa
4 min read
Ready, steady, test: How QA drives seamless gaming experiences
Why is QA pivotal for delivering unmatched player experiences? How to level up video game quality? Find the answers in the article.
Cybersecurity testing
Functional testing
Localization testing
Performance testing
Quality assurance
Test automation
Usability testing
alina
25 July 2023,
by a1qa
4 min read
Interview with Alina Karachun, Account director at a1qa: unearthing the power of a true IT leader
Read the interview with Alina Karachun, Account director at a1qa, about the importance of creativity and feedback for executives and their teams, what is ethical leadership, and many more.
Interviews
Quality assurance
why-do-bugs-get-missed
17 April 2023,
by a1qa
4 min read
Why do bugs get missed? Learn the problems and tips to avoid them
Still, finding overlooked bugs after the app goes live? Let’s find out why this happens and how to fix it.
Quality assurance
Test automation

Get in touch

Please fill in the required field.
Email address seems invalid.
Please fill in the required field.
We use cookies on our website to improve its functionality and to enhance your user experience. We also use cookies for analytics. If you continue to browse this website, we will assume you agree that we can place cookies on your device. For more details, please read our Privacy and Cookies Policy.