The number of PSPs proposing solutions on Facebook is steadily increasing. In addition to Visa PlaySpan, PayPal, Google CheckOut and others, SociallyPay is now present on both Facebook and Twitter.
SociallyPay requires 1.99 euro per transaction. The user can send tweets on purchased products or inform his "friends" when he pays for his purchase.
SociallyPay was launched by Falk Wolsky, head of Switzerland-based BeautifulBinaries. It is not, properly speaking, a payment solution, but, rather, a means to make the transactions easier by relying on the existing Facebook network.
However, this solution does present security risks as the user’s bank information is recorded on his social network accounts.
In order to remedy the risk of identity theft, SociallyPay set maximum
payment limits and the purchases must be made within a defined period of
time (maximum 200 for three months with twenty dollars maximum per day,
for instance). After this period, the user has to renew his agreement
to make new payments.
It should be reminded that Facebook already disposes of an online
payment system and proposes its own Facebook Credits. The network is
also trying to strengthen role of these Credits in the website with its
500 million users.
Other alternative online payment solutions using social networks can
also be mentioned. Pay With a Tweet, for example, relies on a (social)
micro-payment system. It is intended both for advertisers wishing to
communicate on their products and for any brand, company or individual
seeking to spread their digital contents on social networks (musicians,
artists, authors, journalists, etc.). Unlike SociallyPay, the aim of
which is to make the payment transaction easier, Pay With a Tweet relies
on an idea of buzz which, so far, escapes the monetary circuit.