How the top payment providers are using social media platforms
- FXC Intelligence analysis published today details what social media platforms the top 100 payment companies have to help them achieve their goals.
- Of the top 100, all 100 have LinkedIn, 95% have YouTube and Twitter, 92% have Facebook, 86% have Instagram and 46% have Tiktok.
- Lower account usage on TikTok suggests that there are opportunities for companies to expand on the platform.
FXC Intelligence has today published a report analyzing the way in which the top 100 payment companies use social media to achieve their goals. Earlier this year, FXC Intelligence announced the Cross-Border Payments 100 for 2023; this report is the latest analysis of the companies featured on the list, focusing on how they are using social media to achieve their business goals.
The report found that all 100 companies on the Cross-Border Payments 100 2023 have social media accounts, with 100% on Linkedin, 95% on YouTube and Twitter, 92% on Facebook, 86% on Instagram and 46% on TikTok.
We also examined the frequency of posts across six companies spanning various aspects of the payments space – namely Amazon, Flywire, Deutsche Bank, Flutterwave, MoneyGram, American Express – to get a snapshot of which platforms various companies in the space are prioritizing in terms of customer reach. In total over a month long period (between 12 May and 13 June), the six companies posted the most frequently on Twitter, with 201 tweets, followed by Linkedin (145), Instagram (104), Facebook (69), YouTube (62) and finally TikTok (14). The companies tended to have much more consistency posting on LinkedIn and Twitter, while the number of posts on Facebook and YouTube varied much more.
Although TikTok is being used more consistently amongst older payment companies, it is used significantly less than other social platforms. Less than half of the money transfer companies on our list had a verified account on the platform, while B2B-focused companies and payment processors are barely present on it.
Lucy Ingham, Head of Content and Editor-in-Chief at FXC Intelligence, said:
“We think there are a few reasons why top payment companies don’t have TikTok accounts to promote their business. The uncertain future of the platform in the US amidst privacy and security concerns, the younger demographic of TikTok users and the shorter video style may not be compatible with business strategies and corporate audiences.
“However, for those companies looking to engage with consumers, especially those in younger age brackets, the unsaturated market on TikTok could present a golden opportunity for payment providers looking to dominate the platform and boost their social media presence.”
These companies use their accounts on social media to further their business strategies, whether it’s attracting new customers, recruiting new employees or raising awareness of wider company initiatives.
Generally, LinkedIn, Twitter and Facebook are used by banks, fintechs and other payment companies to report news and announcements, as well as link to other forms of content marketing, such as blogs, podcasts and videos. Instagram’s visual focus lends itself to event posts, infographics, celebrity partnerships and interactive content and TikTok accounts lean on humorous promos, fun facts and tips or customer use cases. YouTube is often used for deeper dives on products and services, as well as use cases for businesses and customers.
These accounts also give followers a sense of the company’s values, including initiatives around social issues such as diversity and climate change, as well as insight into employees. This is becoming an increasingly important aspect of companies’ social media as conscious consumerism continues to grow.
For more information on how the top payment providers are using their social media, including a breakdown of the providers with the most followers across the various platforms, how frequently they post and which companies have accounts on different platforms, read the full report here.