Tech is jumping on the money transfer service bandwagon; as your messaging app becomes a payment tool, keep these statistics in mind
Facebook, LINE, Snapchat, Kakao Talk. All of these mobile giants have one thing in common — they are invested heavily into mobile payments.
Not all mobile payment systems are created equal and it can get impossible to keep up with each company’s features. Does WeChat accept non-Chinese credit cards? No. Does Snapchat allow for offline payments? Also no. Can I give money directly to my friend on Facebook Messenger? The answer is yes.
Also Read: Banks should adopt mobile payment or risk becoming irrelevant: Forrester
This nifty infographic from VC firm Life.SREDA breaks down all of the major mobile payment options in one convenient location.
However, just because a company offers mobile payments does not mean its users want to use the service. WeChat, for example, is well branded as a good tool for mobile payments in China. Facebook, it seems, has some work to do to develop itself as a go-to P2P lending platform.
Also Read: Kakao partners Tencent and eBay to bid for online banking license
The infographic below breaks down the percentage of users that actively use money transfer services on a given platform.
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