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Beyond the Transaction: Every Transaction Has a Story

Fridays with Fintechs – How Hashtags are a Force for Good

Ever since I was a child, I’ve seen generosity as a superpower – everyone has the potential to tap into it to become a force for good. But it wasn’t until I saw a Facebook post about an Afghan educator and wound up frustrated by the complicated process to donate that I realized technology could actually be hurting people’s willingness to give. Considering that nearly one third of time on-line is spent on social media, and three quarters of purchasing decisions are strongly influenced by social, I thought more should be done to use these platforms for good.

GoodWorld1In 2015, I set out to make donating as simple as retweeting or a posting comment online with the launch of my company GoodWorld. To make donations, people can simply type #donate in their social media post with the amount they’d like to contribute. Moving forward, each time these people use #donate in a post, GoodWorld processes the payment using the card they’ve stored on file. That’s it. There’s no need to leave the social media site or reach for a credit card again.

In normal web-based transactions, donors face a host of extra steps – they’re brought to an external website, start filling out the donation form, get distracted, don’t want to pull out their credit card, and don’t bother donating. It’s no wonder that cart abandonment in regular transactions stands at around $1.79 trillion per year! With #donate, donors can make an impact in seconds, without leaving their newsfeed or the social media platforms they love. Our technology also travels with them as they travel across various social media platforms and the web.

To really build momentum, we will soon offer a hashtag to expand our platform from serving charities to crowdfunding and political organizations, a $41 billion field. Beyond that, we’re working on a #Buy tag with a “round up and donate” plan that will allow consumers to turn everyday shopping into philanthropic impact – and bring us into play in a $354 billion market.

Our mission at Goodworld is for every payment to have a positive impact. We believe that payments themselves can be a force for good. Research shows generosity results in an increase in happiness, health and meaning. Our technology makes it easy for your customers to both do good, and feel good.

With so much opportunity to take advantage of, we joined Start Path to help Mastercard’s charities, merchants and banks build a bridge to their next generation of customer by both allowing them to transact on directly social media (where they spend so much time) and making their brands more appealing to millennials by injecting an element of social good.

Let’s build a good world together by adding an element of impact and turning payments into a global force for good.