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Seamless payments and banking for enabling social commerce

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Social Commerce solutions are a form of electronic commerce using social media to assist in the buying or selling of goods and services. This type of commerce utilizes user ratings, referrals, online communities and social advertising to facilitate online shopping.

The solution provides an avenue for consumers to conduct transactions over social media applications as a value-chain extension for social commerce use-case where discovery of products happens in the chat platform itself. This streamlines the time taken for the payment process, saving time for the consumer, reducing the time taken for product discovery to payments from 15 minutes to less than a minute and allows firms to receive payment almost instantly. This improves customer satisfaction and improves reconciliation of online sellers and small businesses.

Find out more at www.ey.com/sg/fintechhub.
For enquiries, contact us via email at fintech@sg.ey.com.

Veröffentlicht in: Business
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Seamless payments and banking for enabling social commerce

  1. 1. Seamless payments and banking for enabling social commerce Case study Context: A banking client was looking for solutions to seamlessly integrate payments and banking services as part of a customer’s daily digital lifestyle. With a user base of 320 million and an estimated market potential of US$50b by 2020, social and unorganized commerce provides an intriguing opportunity for banks to extend banking and payment services. Recommended configuration: • Smartphone keyboard solution allows banks to empower social buying and selling within any chat or social application. The keyboard is integrated with a bank’s existing payments and security stack, and allows for sending payment requests using national payment schemes or by existing interparty fund transfer systems. • Sellers can share products listed on Instagram and Facebook, and instantly collect payments from buyers. Buyers can transfer money to sellers, without switching apps, using the keyboard software. Client impact: • Bank can facilitate a seamless and invisible payments experience to end users, leading to higher customer satisfaction • Bank can increase engagement with merchants by alleviating their payment woes, as well as increase their chances of closing a sale, thereby leading to increased stickiness of platform • An increase in customer-to-customer (C2C) and business-to-customer (B2C) payments through its platform can be expected Contact us Varun Mittal EY Global Emerging Markets FinTech Leader varun.mittal@sg.ey.com Challenges faced by social commerce stakeholders Streamlining payment process for buyers Facilitating users in switching between product discovery app and payment app Mitigating safety and privacy issues from social commerce transactions Improving reconciliation as online sellers and small businesses interact in multiple marketplaces Facilitating quick and contextual payment within any communication app Enable payment by toggling to payment keyboard without switching from social media platform Customized payment keyboard toolkit for payment service providers Keyboard extension integrated in bank mobile app User activates keyboard 1 Keyboard fetches data from bank mobile app using shared containers 2 Mobile OS handles the process securely 3 Keyboard interacts with bank’s application programming interface (API) to securely complete the transaction 4 Benefits of social commerce payment solution Allowing banks to integrate services within a mobile customer’s digital lifestyle Solving an urgent pain point of selling via social media platforms Increasing revenue and customer base via access to US$50b social commerce industry Website: www.ey.com/sg/fintechhub Email: fintech@sg.ey.com Sahil Gupta EY ASEAN FinTech Manager sahil.gupta@sg.ey.com
  2. 2. EY | Assurance | Tax | Transactions | Advisory About EY EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com. © 2018 EYGM Limited. All Rights Reserved. EYG no. 011378-18Gbl ED None. This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax or other professional advice. Please refer to your advisors for specific advice. ey.com