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Mobile Payments: Using Cards to Pay for Mobile Content
Generator Research Limited, May 2006, Pages: 15
The world's most popular mobile payment system can cost merchants 40% per transaction. This report describes a card-based solution that would cost as little as 4% and would be deployable independently of mobile operators. Sound interesting?
Premium SMS (PSMS) has become the dominant mobile payment method because it is so simple and works so well. But it is also very expensive and brands that are used to paying between 2% to 4% for online transactions will get a shock when they find out that PSMS costs an eye-popping 30% to 40%. So much for convergence!
Accordingly, this report explains a new type of mobile payment system where credit and debit cards could be used to pay for items such as ringtones and digital songs.
Under the proposed scheme, brands would be able to sell mobile content directly to consumers using a modified form of their existing online payment method. Meanwhile, consumers would benefit because all their transactions would be consolidated into one combined online/mobile account and card brands like Visa and MasterCard would enjoy incremental transaction volumes.
Having reviewed the most important implementation issues, especially security, this report explains several models under which the concept could be brought to market independently of mobile operators.
Topics Covered Include:
- Business Case
- Security Considerations
- Technology
- Commercial Model
- User Experience
- Branded Service
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