Online dating is nothing new to the Internet, though its recent explosion in popularity has many people taking a second look at the segment.
Both services consumers and business professionals. Fueled by both a rise in connections to the Internet via smartphones as well as digitization and globalization, the online dating scene is beginning to mirror many other online marketplaces.
This trend towards internationalization, as well as gamification in terms of subscriptions and other innovative business features, are expected to accelerate in the future and all of this can be attributed to the unique fintech and digital payments solutions provided to these companies through virtual IBANs accounts.
A strong factor that is accelerating the market’s move towards online dating is the recent COVID-19 pandemic.
The Open PR, Worldwide Public Relations portal shares interesting insights on the latter in their Online Dating Services Market by Global Size, Share and Growth Factor Research Report 2027 issued on the 10th of June 2020.
Initiated by the outbreak of the novel coronavirus in Wuhan, China, last year, the measures taken by national governments in the wake of that disease have fundamentally transformed many sectors.
These include travel and hospitality, among others. Analysts well versed in the details of the online dating market from a financial point of view to the conditions being optimal for an absolute explosion in the growth of international databases.
Powered by digital banking solutions, virtual IBANs accounts and innovative business platforms, these online dating services of the future not only promise to connect people with one another but also companies with analytics on individuals.
This means that dating platforms will not only be a place where one finds love but also future products and other related commerce segments.
The idea that dating platforms, led by Hinge and Tinder, among others will begin to take on the guise of a social media platform more than existing solely as dedicated matchmaking sites is nothing new. But the trend is accelerating with the lockdown measures and new “social distancing” guidelines that could govern interpersonal interaction for years to come.
In fact, one app, Quarantine Together, used the unique circumstances of the pandemic to launch its own platform.
CEO Daniel Ahmadizadeh told CNBC that, “The situation is going to pass. We’re all gonna get through it. But what’s not going to change are the behaviors that we’re adopting now by being at home. We’re not necessarily solving a coronavirus problem. We’re solving a problem of loneliness that happens to be compounded right now because of coronavirus.”
As CNBC points out, the online dating scene was prime for disruption from a business standpoint and we’ve seen evidence of that in Tinder’s moves towards becoming more than a dating service.
Research conducted by the MIT Sloan Management Review highlighted how Tinder was using its unique approach to dislodge competitors in certain key demographics and boost its growth in a segment that many would have called overcrowded prior to the pandemic’s outbreak.
One thing is universal among critics and proponents of expanding online dating platforms and that is the belief that the globalization and broadening of the platforms to act as vectors for matchmaking and commerce are two trends that will not reverse any time soon.
Many online dating platforms and businesses operating within the online dating space have already chosen our reliable and flexible solutions in the digital payments industry over the conventional ones offered by traditional high street banking.
Contact us to learn more about how Monneo can help you with digital payment solutions or apply directly for your virtual IBAN on our website.