The Rise of Social Electronic Cash
AUG 24, 2016 18:03 PM
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The Rise of Social Electronic Cash

By Drew Hendricks

The way you can pay for goods and services continues to evolve, including new types of currency and a variety of different platforms not to mention new contactless technology, mobile payments, and digital wallets. These new payment options have helped provide new opportunities for many people and businesses to conduct transactions online that may not want to use, or can’t access, some other traditional payment forms like debit and credit cards.

One payment method that is getting more attention is the concept of social electronic cash with various ways to pay for goods and services. Here are some of the payments solutions companies that are adding momentum to the greater adoption of social electronic cash through online purchases or peer-to-peer payments:

  1. DueWhether it is a domestic or international payment, Due offers a complete online process for sending and receiving electronic cash. Multiple payment options are offered, including ACH bank account transfers, debit and credit cards, and digital wallets. Personalized messaging and a database of those within your payments circle add a social dimension.
  2. Venmo: The mobile payments provider allows people to link their bank accounts or debit or credit cards together through an app to pay each other back, which has been particularly effective on college campuses. It focuses on the social aspect by allowing payment updates to be posted for friends to see within their app so they can divide-up payments for splitting food or bar tabs that need to be made.
  3. CSI globalVCard: The global payments provider offers a way to use virtual payment cards, taking the hassle out of corporate travel and business accounts. This highly secure payment solution is also a solution for accounts payable, creating a paperless system that saves time and money for businesses. Other products include mobile payments and cross-border payments, giving businesses a way to accept all types of currencies so they can include team members in payments all over the world.
  4. Square CashThis completely free option for social electronic cash allows you to send and receive money from your contact list on your smartphone. If you have their phone number and email address, your recipient doesn’t even need to have the Square Cash app. You can also transfer between bank accounts. Highly recognized as a one of the top payment companies in the world.
  5. Snapcash and Square: As part of Snapchat, the social media company now offers a way for users to send and receive money from each other. In partnership with Square, this service offers a way for people to pay each other quickly - all within their social profile.
  6. Twitter Buy, Amazon, and American Express: Twitter has also teamed with Amazon and Twitter by allowing a hashtag to add items to an Amazon shopping cart before paying for them while American Express offers something similar. All consumers have to do is link their Amazon account or American Express account to Twitter to create this social cash payments experience.
  7. Facebook Payments: Through its messenger feature, you can complete person-to-person payments with one or more of your Facebook friends. Now it’s even possible to pay within group chats, which makes it a ideal for those items or services that are being split among a group.
  8. Apple PayApple Pay works for online and in-store purchases, offering a convenient way to stop carrying cash or any other type of card or checks.
  9. Google Wallet AppFocused on sending and receiving money as a peer-to-peer payments system, this app works on both iOS and Android systems. Money can be sent directly to a bank account or debit card as well as kept as a balance in the “wallet.” The money in the wallet can be spent anywhere a debit Mastercard is accepted, including ATMs. Recognized as the top ecash payment company worldwide.
  10. Samsung PayAs a mobile app that gives a person the ability to tap and pay, Samsung has extended the options for social electronic cash. It is now expanding around the world to open up this ability to more consumers.
  11. Android PayThis is Google’s mobile payment platform for smartphones that handles in-store, online, and in-app payments.
  12. Dwolla: For a small flat fee, money can be transferred to a friend with the Dwolla app or a person can receive money from others in a fast, efficient way.
  13. Popmoney: This app also allows money to be transferred between bank accounts. Requests and payments can also be done via a phone number or email address regardless if either or both of the parties don’t have the app. It also offers a very low flat rate to conduct these types of transactions.

This is just the start of what is estimated to be an incredible opportunity for mobile payments companies as more people become comfortable with the idea of handling transactions without cash and in a network of peers or online platforms. Other options are still being explored, including the expansion of cryptocurrencies like Bitcoin that are often in used in social networks and social  gaming. In fact, a BI Intelligence Report estimates that peer-to-per (P2P) transactions could top $86 billion by 2018.

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