Utilization of Social Media by Leading Payment Providers
=============================================================================
In a recent analysis by our platform, the Cross-Border Payments 100 2023 report, it was found that over a month-long period, the six companies most frequently seen on Twitter, followed by LinkedIn, Instagram, Facebook, YouTube, and TikTok, were Amazon, Flywire, Deutsche Bank, Flutterwave, MoneyGram, and American Express.
While these top payment companies have a strong presence on platforms like LinkedIn and Twitter, their usage on TikTok is comparatively lower. This could be due to the uncertain future of TikTok in the US due to privacy and security concerns.
Despite this, TikTok, with its unsaturated market, presents a potential opportunity for payment providers to boost their social media presence among younger consumers. Conscious consumerism is becoming an increasingly important aspect of companies' social media strategies, and TikTok's younger demographic could be a valuable audience for payment companies to reach.
The report also highlighted that 95% of the top 100 payment companies have YouTube and Twitter accounts, while 86% have Instagram accounts. Barely any B2B-focused companies and payment processors are present on TikTok, indicating significant opportunities for those who decide to join the platform.
One such opportunity lies in brand promotion and education through content. Payment companies can create engaging, informative videos demonstrating their services, financial tips, or new payment technologies tailored for TikTok’s younger demographic, potentially reaching millions of users organically or via paid promotions.
Another opportunity is TikTok Shop and affiliate marketing. Although primarily for product sellers, payment firms could partner with TikTok Shop affiliates or even promote fintech-related products or services to earn commissions or drive usage, capitalizing on TikTok’s high engagement rates with affiliate links and live commerce.
Creator partnerships and TikTok One Platform could also be leveraged by payment companies. Using TikTok One, payment companies can collaborate with creators to run brand campaigns or sponsored content more efficiently, accessing simplified project management, enhanced brand-creator matchmaking, and flexible payment models to boost campaign effectiveness.
Live streaming and gifts monetization features could also be explored by payment companies, hosting live Q&A sessions or fintech workshops on TikTok Live to interact directly with users, garner “gifts” as part of creator rewards, and increase brand affinity. This also opens opportunities for real-time audience engagement and education.
The early mover advantage is another key opportunity. Since fewer payment companies are active on TikTok, those that invest early in quality content and creator collaborations can build a foothold in a less competitive environment, potentially capturing a new generation of customers before competitors saturate the platform.
In conclusion, TikTok presents a dynamic platform where payment companies can build brand awareness, engage consumers with educational content, and explore new monetization channels unlike traditional social media platforms. This can be especially impactful given TikTok’s rapid growth and unique content consumption patterns. Leveraging TikTok’s evolving features, payment companies stand to unlock untapped user engagement and marketing ROI.
The full report provides a breakdown of the top payment providers' social media usage, including the providers with the most followers across various platforms, their posting frequency, and which companies have accounts on different platforms. It also delves into the reasons behind the lower usage of TikTok by top payment companies, offering insights into the strategic decisions these companies are making regarding their social media presence.
- To tap into the growing potential of a younger demographic and boost their social media presence, payment providers might consider expanding their presence on TikTok, a platform with an unsaturated market.
- The low presence of B2B-focused companies and payment processors on TikTok indicates that there is a significant opportunity for technology-driven finance businesses to leverage TikTok's unique features, such as TikTok Shop, live streaming, and creator partnerships, to reach new customers and increase brand affinity.
