A new service allowing people to ‘pay-by-tweet’ has been launched as a collaborative effort between Twitter and American Express. Twitter users can pay for things using just a hash-tag. This means that users can buy things without ever leaving the site. All cardholders have to do is verify their Twitter accounts and they can then take up offers from companies like Amazon. Currently users can get Amex gift cards using the hash-tag #BuyAmexGiftCard25.
The purchase feature will work by tweeting a purchase hash-tag and then re-tweeting a confirmation tweet from Amex. The purchased product is then shipped to your account billing address synced with Twitter and payment is taken from your synced Amex account. This is a very clever way of doing things as it involves publicising your purchase, which is essentially free publicity as well as a sale.
Twitter isn’t taking money from the transactions but many have seen it as a way for Twitter to move into a new revenue stream. If successful it will certainly generate significant advertising revenue for Twitter, as companies will pay to promote products that can be purchased using a hash-tag.
Its a great idea as buying through social media is the next logical step. It is convenient for buyers, allows sellers to sell more and provides revenue for social networks.
If you are interested in using social media to sell or promote your products and services then we can help. Miromedia have managed many successful social media campaigns for companies large and small.