6 Mobile Payment Apps Betting Big on Social
Published November 21, 2014 11:12 AM
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Updated October 20, 2016 10:03 AM
1 Min Read
Many companies have found it difficult to build consumer interest in using a dedicated app for payments, particularly for person-to-person payments. Some companies have determined that the best way to keep users engaged is to blend payment capabilities with social networking. (Image: iStock)
Andrew Harrer/Bloomberg
Venmo
At first glance, the Venmo app seems to be a simple P2P app. But Venmo added a heavy layer of social interaction, allowing users to hold full conversations and use emoji ("smileys") like they would in a dedicated messaging app. (Image: Bloomberg News)
Patrick T. Fallon/Bloomberg
Snapchat/Snapcash
Square Cash
The Square Cash app is quickly evolving into a social app in its own right. Originally little more than a skin for an email-based P2P system, the app now lets customers set up profiles and find nearby Square Cash users over Bluetooth.
Popmoney
Consumers who send money through Fiserv's Popmoney app are using the payment's memo field for deeper interactions. The messages demonstrate that consumers expect payment recipients to read what they have to say, rather than just glance at the subject line and accept the deposit.
Simple
Customers of Simple, now part of BBVA, are making the most of a system that lets users attach a photo to any transaction record. Some just upload receipts, but others upload photos of food, friends and even a wedding certificate.
David Paul Morris/Bloomberg
