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).
Dwolla, a US based e-commerce company, provides an online payment system and mobile payments network only in the US. Originally founded in June, 2008, Dwolla was launched in the US on December 1, 2009, by Ben Milne (CEO) and Shane Neuerburg (CTO) as founders, in Des Moines, Iowa.
Dwolla integrates with Facebook, Twitter and LinkedIn to allow users to send and receive transactions with their friends, followers and connections. When the user connects a social network to Dwolla:
$X.XX ($1.00 for example), the receiver’s Twitter handle and the hashtag #dwolla.
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. To leverage this market, Fastacash is providing a platform that enables value transfer to be attached to meta data and sent through any social network and any messaging channel. The channel can be Facebook, skype, whattsapp or any other messaging channel.
Fastacash is a completely channel agnostic i.e it allows the sender and the reciever to choose the channel.
Some features of Fastacash:
The company says that Fastacash is easy to use and secure. It allows anyone who wants to move value together with meta data across any social channel, any messaging channel with the sender and the receiver having the choice of the channel to communicate.
Azimo, is a global payment processing business providing internet and mobile based inter-country consumer money transfer services. The company has recently raised $10 Mn in Series A Funding led by Greycroft Partners with participation from Frontier Investment Group, TA Ventures, eVentures, RI Digital Ventures and KRW Schindler Investments.
This is a video that shows you what Azimo is all about: Azimo enables user to send money via Facebook:
The company has recently raised $10 Mn in Series A Funding led by Greycroft Partners with participation from Frontier Investment Group, TA Ventures, eVentures, RI Digital Ventures and KRW Schindler Investments.
BuyBox is a French cloud based company established in 2010 that develops social payments solutions. BuyBox also allows online stores to collect group payments for things such as birthday presents. The solution is offered by BuyBox as a white label, enabling e-merchants to integrate group payment functionality into their existing e-commerce processes.
The business model of the firm is to offer a simple SaaS platform for groups and social payments. It allows e-merchants to easily collect added value payments, from sharing purchase of an expensive item to issuing their own merchant social gift cards. Revenue is generated by providing service to large # of sites – through cost effective plans. End users are e-merchants’ customers such as those of Celio, Wonderbox.fr and Micromania (gaming). Buybox has been targeting e-merchants who have a defined social commerce strategy.
‘Jifiti’ was founded in September 2011 by Yaacov Martin, CTO Meir Dudai and CMOShaul Weisban. Their aim was to merge the unmatched shopping experience which a customer can only get in-store with the unmatched shopping convenience that he can only get online. It is headquartered in Columbus, Ohio and its development office is in Israel. It is backed by investors - Simon Property Group, a real estate company operating more than 300 malls in the U.S. and Asia, Schottenstein Stores Corporation and the Jesselson Capital Group. Recently, Jifiti has raised seed funding of $2.5 million from these investors.
Jifiti`s business model is to make gift giving easier and to drive in-store sales for retailers by offering gift givers the ability to scan and purchase an item in-store, or select from in-trend gifts inside the app, and teleport it to the recipient. Gift givers can use Facebook, twitter (@jifitigifts), email, or SMS to share gift registries with their family and friends. To redeem the gift, the ‘giftee’ has to visit the retailer’s shop to pick up the item that the ‘gifter’ has selected in his preferred color or size, or can use it as virtual gift card to pick out an alternative. Another innovative feature incorporated in Jifiti`s business model is that of partial gifting/chip in. If a family member or friend wants to chip in towards a large and expensive item, they can do so in any increment that they wish.
Copious is a social marketplace for buying from and selling to people. Think eBay meets Facebook and Twitter. Copious makesit easy for you to give away things you have in your home or closet that you no longer need, but your friends really want. Everyone has things in their home, closet or apartment that are valuable, but no longer useful to their owner. Copious allows users to put items up for grab, for their friends to take off their hands.
How does it work?
GiveForward provides free online fundraising pages allowing friends and family to raise money directly for a loved one when they need it the most. It enables you to set up a page in minutes, share it with friends and instantly create a community of support. The company was Co-Founded in 2008 by Desiree Vargas Wrigley (CEO) and Ethan Austin (President). The company has received a total funding of $2.52 Million.
This video gives you an overview of their platform: