PayPal Research: Social Media Channels As Digital Marketplaces - TeknoGadyet
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Thursday, June 7, 2018

PayPal Research: Social Media Channels As Digital Marketplaces

Based on the latest research study conducted by PayPal, more Filipino merchants are using social media channels as the digital marketplace, not just being a networking platform.

PayPal Research: Social Media Channels As Digital Marketplaces
PayPal Research: Social Media Channels As Digital Marketplaces

This study entitled “Beyond Networking: Social Commerce as a Driver of Digital Payments”, revealing the rapid growth of s-commerce in across seven markets in Asia, including the Philippines.

By this year, social media users in the Asian continents are expected to reach one billion, which is almost double the number of users, six years ago. As such, social media platforms have become an attractive marketplace for merchants. In the Philippines, there are 67 million active social media users, hence, low overheads, ease of setting up and a readily available consumer are adding to the lure of s-commerce. Fifty-five percent of those who surveyed said that with the help of friends and relatives, setting up businesses on social media are helpful, while 75% said that it is easier to set up their business on social media, independently.

Also, according to the survey, 87% of Filipino merchants are currently selling on social media, with 74% them accepting digital payments, of which e-Wallets or mobile wallets such as PayMaya, GCash, and coins.ph which are now becoming popular.

The growth of s-commerce is expected to rise, with 69% of merchant respondents told that will sell their products through social media/messenger platforms in the future. This will increase the potential of having an improved financial condition with such impacts on the economic empowerment and financial health.

“The role of social media has evolved tremendously since it was first introduced a decade and a half ago, and the platform is now being used as a channel for customers to discover and purchase products immediately. This could not have happened without innovation in payment technology,” said Rahul Shinghal, Managing Director for PayPal Southeast Asia and Head of Merchant Support for PayPal Asia Pacific. “At PayPal, we see digital payments as an innovative tool that goes beyond being just a form of transaction. Digital payments is an enabler of economic empowerment and improved financial health through providing convenient and secure facilitation of cash flows.”  

See Also: PayPal Research: Philippines On Its Way To Be A Cashless Nation

Besides, thirty-two percent of Filipino respondents with internet access said they have already begun transacting on social media, of which, 94% said that s-commerce has empowered them to become independent.

“Merchants and consumers want convenient and smart payment solutions that can adapt to the alternative e-commerce platforms, like mobile commerce and s-commerce, that are emerging,” said Rahul
“PayPal.Me for Business, which is a personalised link that allows for swift and secure transactions compatible with social media platforms is an excellent example of PayPal’s customer-centric approach to innovation. By shortening the cycle between discovery and purchase, we offer consumers a convenient buying experience, helping reduce cart abandonment and generating even greater revenue businesses.”, he added.

The Philippines government is encouraging every Filipino to use digital payments such as the recently established National Retail Payment System (NRPS) that offers a safe, efficient and reliable payment systems that are interconnected and interoperable.

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