To give more payment alternatives to e-commerce users, options have emerged such as payment links, a digital tool that allows charging through these channels without the need for a website, which are increasingly used due to the growth of social commerce. , a type of e-commerce that occurs on social networks and cell phones that grew rapidly during the pandemic.
Brands turn to social networks both to boost the reach of their brands and provide customer service, but also as sales channels. According to Nubecommerce, during 2021, Facebook was crowned the preferred social network since 85.45% of cloud stores have a presence on it, followed by Instagram, WhatsApp and TikTok.
Mauricio Madrigal, CEO of the payment orchestration startup RetryPay, said that in a country like Mexico, where 96.8% of the 88.6 million people with internet access connect through a mobile phone, payment links They are an increasingly common way to carry out transactions due to the market’s demand to offer different forms of payment to buyers.
“Increasingly, there are more vendors who offer their products on social networks or who use their cell phones as a sales channel, and payment by transfer is usually not the most convenient way for buyers, which is why the link is very more practical for these stores, because through it, they offer different types of payment such as credit cards of different brands, payments in establishments and in the future it will be more common to add other modalities such as Crypto, wallets, among others”, he said.
“Links are one of the tools that allows everything to happen in the same place and facilitate the payment process for both parties,” added the founder.
The paytech director estimated that the growth of this digital tool is similar to that of commerce via social networks. According to the survey of social commerce carried out by Research And Markets, this segment of electronic commerce will reach a growth of up to 30% this year and will have a value of more than 1,590 million dollars.
Bancarization continues to be a challenge in Latin America and in this sense, payment links allow paying in cash at establishments such as pharmacies and convenience stores, Madrigal said.
“What facilitates the process is not the payment link per se, but being able to count on a combination of processors and payment methods behind this tool that guarantee the conversion of buyers and the increase in sales of online stores,” he added. .
According to Stadista, 30% of companies in Europe and North America plan or already sell products through social networks. In addition, it is estimated that within the next five years the global value of electronic commerce via social networks will reach 604,000 million dollars, according to Internet Retailing.
Editorial Team The editorial team of EMPRENDEDOR.com, which for more than 27 years has worked to promote entrepreneurship.