A New Architecture of Mobile Payment System through Social Media Network

Abstract

The financial services industry is changing rapidly as a result of advances in information technology, telecommunications and the Internet. Technological innovations and increasing customer demand have led to the emergence of new services and new organizational forms for financial services firms. The gait of innovation in the Social media, the payment system is staggering. The biggest social media sites are Facebook, massive and used by almost everyone, Twitter, the micro-blogging, and LinkedIn, the online professional networking site. By using the social media connections as a method to exchange the funds, we can integrate our use of mobile wallets, PayPal, etc. to our social media sites. Believing on daily deal platforms, none of the current daily deal platforms can compete with the granularity and relevance with which banks could target a deal to a specific subscriber, having access to their extensive spending history and preferences. A feedback loop extending from the Bank to the merchants enabling the creation of accurate list of customers who consistently spend in specific retail categories can help merchants in delivering targeted offers to attract new customers.