Twitter and American Express launched payments with #Hashtag

Twitter together with American Express launched new feature on Twitter. Now users can pay for goods with #Hashtag.

This innovation turns social media in a convenient shopping cart for users. Owners of American Express cards will be able to purchase discounted products using their Twitter account in 2 simple steps.

All you need to do is tweet hashtag of the product and @AmexSync account will reply you with a confirmation hashtag. The next step is to tweet the confirmation hashtag. Just as this is done, AmEx will send you confirmation email and will give you 15 minutes to state that you want to buy this product. Product is then delivered to the billing address which is used for AmEx card.

To begin using this option user needs to have American Express card synchronized with Twitter account. Also service doesn’t accept any American Express cards. It works with compatible American Express cards (not prepaid and not corporate cards).

Another condition of using this service is that Twitter account has to be public. Since not public accounts are not allowed, there is no way of using this offer without it being public. This means that each hashtag payment is not only money for companies, but also additional promotion for products and brands.

The first offering available for purchase is a $25 American Express Gift card for $15. Other discounted products available for Twitter shopping are Amazon Kindle Fire, Sony Action cam, Xbox 360 and Donna Karan-designed bracelet.

Although many companies will post hashtags for their products, official offers will be available at American Express Favorites section.

Previously shopping on Twitter was available via referral links with conversion rates around 0,5 %. For American Express such services are not innovative either. There already existed special offers on Facebook and other social media. Last March American Express launched discount programs on Twitter, Facebook, Foursquate and Xbox.

On Twitter users tweeted with hashtag for an offer and then they were to make a purchase in person or in separate online store. The discount was then applied to user's American Express account within 8 weeks.

In general, this service is not multi-purpose. You can buy only selected products, within a given time frame. This kind of shopping is also not for people who search for a specific product or want comparison shopping. This is more for people who want to make purchases fast and have enough time to monitor which products are available for purchase. If this innovation will spread and be successful we might witness how hashtags will appear in TV ads and commercials.

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