April 7, 2014
There is a paradigm shift towards digital technologies in general and electronic/mobile commerce/payments in particular. Mobile Commerce is estimated to reach $278.9 Bn by 2018 up from $13.8 Bn in 2013, according to PRWeb. With this increase, comes a shift in the way we make payments across the globe. There will be an estimated 1.73 Bn users of social networks in 2013 which will rise to 2.55 Bn 2017 according to a report by eMarketer. It would be an understatement to say that social media will play a major role in the future of payments.
A number of platforms and solutions have emerged in order to tap into this market. Some of them have been discussed below:
Wrapp enables friends to contribute to gifts, and makes it fun and easy to give, receive and redeem using smartphones and the internet. The company was founded in May 2011 by Hjalmar Winbladh (CEO), Carl Fritjofsson (COO) and Andreas Ehn (CTO). Wrapp has received a total funding of $25.5 Mn through investors Atomico, Creandum, Greylock Partners, Qualcomm Ventures, American Express, Greylock Partners and SEB Private Equity. Wrapp’s board of directors include Reid Hoffman (LinkedIn co-founder), Fabian Månsson (former global CEO of H&M and Eddie Bauer) and Niklas Zennström (Skype co-founder).