Amazon Expands Social Commerce with New TikTok and Pinterest Deals
Hey Payments Fanatic!
Amazon's e-commerce growth has slowed, pushing the company to explore partnerships with social media platforms, where shopping is on the rise. Amazon has now teamed up with TikTok, allowing users to purchase items from Amazon ads without leaving the app, and has a similar arrangement with Pinterest. These partnerships, part of Amazon’s "Project Handshake," expand on existing collaborations with Meta and Snap.
Previously, users had to visit Amazon’s website to complete purchases from social media ads. Now, they can check out directly within apps like TikTok and Facebook using stored Amazon payment information. This change aims to boost sales by providing more detailed product information within the ads.
However, this move could challenge TikTok's own e-commerce efforts, while Meta's similar collaboration with Amazon remains in early stages. Amazon's ad revenue, mostly from search ads on its site, is growing, but at its slowest pace since 2021, prompting the company to diversify into new formats like these in-app shopping ads.
Meanwhile, ByteDance (TikTok) is taking a shot at a EU Payments license in Luxembourg.
Earlier this year, ByteDance, TikTok’s parent company, withdrew its Irish payments license application after misleading regulators about its bank accounts. Now, the company is attempting again in Luxembourg, a business-friendly jurisdiction.
ByteDance recently established a new payments arm, PIPO Luxembourg, signaling its commitment to expanding in Europe, especially as it faces potential bans in the U.S.
By owning its payment systems, ByteDance aims to cut third-party costs and reduce risks, setting the stage for future U.S. expansions. TikTok uses Stripe, Adyen, PayPal and Worldpay where it isn’t licensed to handle payments, according to its disclosures and former employees.
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