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Now transfer your money through Facebook – Applications go Utilitarian
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I read a consumer behaviour study once, which was talking about the Urban vs Rural Consumer Dichotomy. The thing that stood out the most for me was the fact that Urban Consumers have more interpersonal interactions, with more people, for fewer minutes as compared to rural consumers who live in relatively close knit community and have longer interpersonal interactions with the same people.
Social Networking – I think has taken that Urban Consumer Dichotomy to another level altogether. So many meaningless conversations, with so little depth.
I have also noticed that as a result of social networking, a lot of people are looking at mutual business opportunities. Consider the mad rush to sell passes for ‘Christmas’ or ‘New Year’s Eve’ parties among Mumbai kids.
Consider also the fact that a lot of people who want to make a quick buck barely have any time. So it would be great if the money could be transferred via a social network – its something you can showcase to your friends and its accessible and you can keep a tab on who has given you what!
Well PayPal, the American Company already has such an application on Facebook. Just last week, Revolution Money launched a Money Exchange on Facebook. Money exchange basically allows users to send and receive money from their friends, All they have to do is add the money exchange application and link it to their bank account.
The hope is that money inside a Social Network will enhance the viral effect.
There is some sort of sense in that the way I see it. It’s convenient, if you’ve made a few quick bucks, then its great to showcase it and bloat your ego – I think you will probably even see transfers made by people just for the fun of it to show others their rising incomes.
With respect to Indians spending online, according to an IAMAI and IMRDB Report, the total amount spent for 2007 was anywhere between Rs. 7000 and 9000 Crore. About .002% of our GDP.
Money within a social network will probably give Indians an incentive to spend more, and also add to that perception of safety especially if payment via the Internet takes of among a few people. A kind of herd mentality will snowball – “if he can do it so can I; and it must be safe”
With respect to money and social networking, there are also a lot of opportunities for specialized social networks revolving around money that can be floated and backed by corporations.
They can be used to:
- Sell Zero Load Funds and effectively kill the intermediaries who eat up margins
- Gather relevant consumer data with respect to money
- Pool in 1st time users and make them investors
- Generate Feedback from the End User
- Contextually sell Financial Products
For more advice on developing a financial social network contact WATConsult.
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