Suku, a blockchain-based platform that connects brands and consumers, has recently launched a new feature that allows users to send and receive payments in cryptocurrency. This feature, called Suku Pay, is integrated with Suku’s existing social media app, which lets users create and share content, earn rewards, and access exclusive deals from participating brands.
Suku Pay is powered by the Stellar network, a fast and low-cost blockchain that supports various types of digital assets. Users can choose from a range of supported cryptocurrencies, such as Bitcoin, Ethereum, USDC, and XLM, to send and receive payments within the app. Users can also exchange their crypto for fiat currency or vice versa, using Suku’s partner service providers.
Suku Pay aims to provide a seamless and secure way for users to transact with crypto, without the need for intermediaries or third-party platforms. Users can also benefit from lower fees, faster transactions, and greater transparency compared to traditional payment methods.
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Suku Pay is not the first social media app to integrate crypto payments, but it is certainly one of the most advanced and user-friendly ones. In October 2021, Twitter announced that it would enable users to tip each other with Bitcoin using the Lightning Network, a layer-2 solution that facilitates faster and cheaper transactions. However, Twitter’s tipping feature has several limitations, such as requiring users to have a third-party wallet app, supporting only Bitcoin, and being available only in select countries.
Suku Pay, on the other hand, offers a more comprehensive and accessible solution for crypto payments. Users can use any of the supported cryptocurrencies, without the need for an external wallet app. Users can also send and receive payments globally, without any geographical restrictions. Moreover, Suku Pay is not limited to tipping, but can be used for any type of payment within the app, such as purchasing products or services from brands, donating to causes, or rewarding content creators.
Suku Pay is part of Suku’s vision to create a more inclusive and sustainable economy, where brands and consumers can interact directly and transparently. By leveraging blockchain technology, Suku aims to empower users with more control over their data, identity, and finances. Suku also supports social and environmental causes by donating a portion of its revenue to various charities and initiatives.
What is Twitter Payments Application
Twitter Payments Application is a feature that allows Twitter users to send and receive money through the platform. It is powered by Stripe, a leading online payment processor that handles billions of dollars in transactions every year.
Twitter Payments Application is currently available in select countries, including the US, Canada, UK, Australia, and Japan.
To use Twitter Payments Application, you need to have a Stripe account and connect it to your Twitter profile. You can do this by following these steps:
Go to https://twitter.com/settings/payments.
Click on “Connect with Stripe”.
Follow the instructions to create or log in to your Stripe account.
Choose the currency you want to accept payments in.
Agree to the terms and conditions.
Once you have connected your Stripe account to your Twitter profile, you can start accepting payments from your followers. To do this, you need to create a tweet with a payment link. You can do this by following these steps:
Go to https://twitter.com/compose/tweet.
Write your tweet as usual.
Click on the “$” icon at the bottom of the tweet composer.
Choose the amount you want to charge for your tweet.
Click on “Tweet”.
Your tweet will now include a payment link that your followers can click on to pay you. They will be redirected to a secure Stripe checkout page where they can enter their credit card details and complete the payment. You will receive an email notification from Stripe when someone pays you.
Twitter Payments Application can help you monetize your Twitter presence and offer value to your followers. Here are some of the benefits of using it:
You can create exclusive content for your followers and charge them for access. For example, you can offer premium tips, insights, advice, tutorials, or behind-the-scenes content that only paying followers can see.
You can sell your products or services directly on Twitter. For example, you can offer digital downloads, e-books, courses, coaching sessions, or consultations that your followers can buy with a simple click.
You can collect donations or tips from your followers who appreciate your work. For example, you can ask for support for your projects, causes, or goals and receive gratitude from your fans.
You can increase your engagement and loyalty with your followers. By offering valuable content or products that they are willing to pay for, you can build trust and rapport with your audience and encourage them to interact with you more.
Twitter Payments Application can help you grow your business by expanding your reach, increasing your revenue, and enhancing your brand. Here are some tips on how to use it effectively:
Promote your payment link regularly. Don’t be shy about letting your followers know that they can pay you for your content or products. Use catchy headlines, compelling images, and clear calls-to-action to attract attention and drive clicks.
Offer incentives or discounts. To encourage more people to pay you, you can offer incentives or discounts for early adopters, referrals, reviews, or feedback. You can also create limited time offers or bundles to create urgency and scarcity.
Deliver value and quality. Make sure that whatever you are offering is worth paying for. Provide value and quality that exceeds expectations and satisfies your customers. Follow up with them and ask for feedback or testimonials that you can use to improve or promote your offerings.
Experiment and test different strategies. Try different types of content, products, prices, and promotions to see what works best for your audience and niche. Use analytics tools like Stripe Dashboard or Twitter Analytics to track and measure your performance and optimize accordingly.
Twitter Payments Application is a great way for businesses to accept payments from their followers on Twitter. It is easy to set up, convenient to use, and beneficial for both parties. By using it wisely, you can monetize your Twitter presence and grow your business.
Suku Pay is currently in beta testing and will be available to all users in the coming months. Users can sign up for early access on Suku’s website or download the app from the App Store or Google Play.