Most social media platforms appear to have reworked their strategies to start capitalizing on the huge user base they have already created. Instagram already has over 25 million businesses listed on its site trying to reach out to the 800 million that use the platform each month. In a natural corollary, Instagram has started rolling out an in-app payment facility so that the users can take a look at the products and services being offered on it and make the purchase there and then, instead of having to get out and do it.
This in-app payment service, however, is only available in limited geography currently and the payment channels are also not fully populated. Only some users in the US and the UK have found this feature on their Instagram profile and it allows them to add their credit/debit card details and set up a separate security pin.
Possibly Instagram will keep expanding the facility to users in other regions. If you find â€śpayment detailsâ€ť on your profile settings page in Instagram, you can click on it and access the feature and add your details.
To start with only some dinner (table) reservation service is accepting the payments from within Instagram. Others may follow soon. It is expected that the next could be booking of movie tickets through Instagram.
That this move is part of Facebookâ€™s efforts to monetize the site is clear from the fact that the â€śShoppable Tagsâ€ť section on Instagram will be merged with this payments feature going ahead making it easy for the users to shop and pay.
The user-activity within Instagram also seems to suggest that there is a strong demand for businesses showcasing their products/services on the site and the users making use of it to select their preferences.
It may be relevant to point out that Instagramâ€™s rival Snapchat has also introduced a similar feature â€śShoppable ARâ€ť on its site with the same objective.