Social Commerce solutions are a form of electronic commerce using social media to assist in the buying or selling of goods and services. This type of commerce utilizes user ratings, referrals, online communities and social advertising to facilitate online shopping. The solution provides an avenue for consumers to conduct transactions over social media applications as a value-chain extension for social commerce use-case where discovery of products happens in the chat platform itself. This streamlines the time taken for the payment process, saving time for the consumer, reducing the time taken for product discovery to payments from 15 minutes to less than a minute and allows firms to receive payment almost instantly. This improves customer satisfaction and improves reconciliation of online sellers and small businesses. Find out more at www.ey.com/sg/fintechhub. For enquiries, contact us via email at fintech@sg.ey.com.

1. Seamless payments and banking
for enabling social commerce
Case study
Context:
A banking client was looking for solutions to
seamlessly integrate payments and banking
services as part of a customer’s daily digital
lifestyle. With a user base of 320 million and an
estimated market potential of US$50b by
2020, social and unorganized commerce
provides an intriguing opportunity for banks to
extend banking and payment services.
Recommended configuration:
• Smartphone keyboard solution allows banks
to empower social buying and selling within
any chat or social application. The keyboard
is integrated with a bank’s existing
payments and security stack, and allows for
sending payment requests using national
payment schemes or by existing interparty
fund transfer systems.
• Sellers can share products listed on
Instagram and Facebook, and instantly
collect payments from buyers. Buyers can
transfer money to sellers, without switching
apps, using the keyboard software.
Client impact:
• Bank can facilitate a seamless and invisible
payments experience to end users, leading
to higher customer satisfaction
• Bank can increase engagement with
merchants by alleviating their payment
woes, as well as increase their chances of
closing a sale, thereby leading to increased
stickiness of platform
• An increase in customer-to-customer (C2C)
and business-to-customer (B2C) payments
through its platform can be expected
Contact us
Varun Mittal
EY Global Emerging Markets FinTech
Leader
varun.mittal@sg.ey.com
Challenges faced by social commerce stakeholders
Streamlining payment process for
buyers
Facilitating users in switching
between product discovery app and
payment app
Mitigating safety and privacy issues
from social commerce transactions
Improving reconciliation as online
sellers and small businesses interact
in multiple marketplaces
Facilitating quick and contextual payment within any
communication app
Enable payment by
toggling to payment
keyboard without
switching from social
media platform
Customized
payment keyboard
toolkit for payment
service providers
Keyboard extension integrated in bank mobile app
User activates
keyboard
1
Keyboard
fetches data
from bank
mobile app using
shared
containers
2
Mobile OS
handles the
process securely
3
Keyboard
interacts with
bank’s
application
programming
interface (API)
to securely
complete the
transaction
4
Benefits of social commerce payment solution
Allowing banks to
integrate services
within a mobile
customer’s digital
lifestyle
Solving an urgent
pain point of selling
via social media
platforms
Increasing revenue
and customer base
via access to US$50b
social commerce
industry
Website: www.ey.com/sg/fintechhub
Email: fintech@sg.ey.com
Sahil Gupta
EY ASEAN FinTech Manager
sahil.gupta@sg.ey.com

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