Instamojo, a transaction platform for digital goods, has launched “Social Pay” – a payment system where the buyer does not pay through real money but instead helps spread the word about the product through channels like Twitter/ Facebook. This is the future of money that guru’s having been professing about*.
1. Authors and artists have already been giving free copies of their work to social influencers, albeit in an unorganised manner – this tool puts a system in place to help scale things. With more bells and whistles that differentiates between tweets to 200 followers vs. 200K followers – this becomes a marketing juggernaut.
2. When the content goes viral, so will the platform.
3. Getting people to come back on a product page after the purchase to talk about the experience is a tough nut but very helpful to build real testimonials. Scheduled social payment or reminder for post experience social payment could be a great add on.
4. When you have told your friends about a new book purchase – there’s a higher chance that you will actually read the book. Some form of bias sets in.
5. This is exactly how Candy Crush went viral – you either pay $1 for extra life or buzz your friends on Facebook.