How Mobile Payment methods work in Social Networking and Online Games
Mobile payment methods are becoming more and more popular these days. During last 1 year online games and social networking platforms like facebook have promoted mobile payment methods.
On facebook you can purchase virtual goods paying from your mobile phones.
According to to a research by Justin Smith (Founder, Inside Network) the market on alone virtual goods on the internet was over $1 billion in the year 2009. Different gaming website let you pay through your mobile phones
Mobile payment is becoming more popular due to its fast transaction speed. Over 70% of the global online audience does not have a credit card, but most all of them have a mobile phone. All your user needs is a mobile phone to make a payment.
Its more secured (till now, as no major security breach has been reported ) and more faster than credit card payment system.
The process of mobile payment is as easy as:
1. Enter your mobile number and click on Payment button on any mobile payment enabled site
2. A message pops up in your mobile with the secret pin
3. Enter that pin back to the Text box provided on the same website and you are done
-You will be charged in your next mobile phone bill.
There are different companies emerging these days who provide software and infrastructure for mobile payment to websites and other businesses.
One such Company is Zong.
According to Zong :
Zong is the leading mobile payment service used for monetizing Web audiences in the social media and gaming industries. Zong gives you a new way to expand your customer base by providing an easier way to pay. Zong provides frictionless payment service in leading social networking applications, virtual worlds and in online games.
This video will help you understand how fast and easy is mobile payment system-
Zong’s frictionless user experience gets real results. Our customers have seen conversion rates skyrocket after adding Zong as a payment option. No billing address, no expiration date, no 16-digit card number to type. Just type something you know by heart: your mobile number.
Currently Zong is providing services in 26 countries partnering with the mobile service providers of those countries.
Wikipedia has a good article on Mobile Payment that can be read here
One of the other notable mobile payment system is paymate (http://www.paymate.co.in).
According to Paymate:
PayMate lets you link your mobile to an existing bank account, credit card or pre-paid voucher and use your mobile to make secure payments anywhere, anytime!
Features of paymate include
Convenient – Pay online, offline, or from just about anywhere.
Secure – 2-factor PIN authentication keeps you in control.
Easy – Works on any basic mobile handset or operator.
Free – PayMate’s services are free with no hidden costs!
These are few other mobile payment and allied service providers: