Digital payment is gaining popularity, and both clients and merchants embrace it as a payment mode. PayPal was among the first online payment systems to gain market acceptance. It continues being a leader in the online payment industry with a market share of 40.0 percent. However, new players in the market are gaining a competitive advantage by catering to e-commerce businesses of all sizes.
The rise of online payments
Most online and mobile payment platforms are used by e-commerce and online auction businesses. Most businesses are implementing mobile payment platforms to give their clients a seamless shopping experience. One of the milestones that marked the rise of mobile payments was the release of the Apple iPhone in 2007. However, even before that, people made transactions with their dummy phones through mobile content billing. With smartphones, people use direct carrier billing to buy goods and services directly through apps.
Traditional online payment methods had many faults that discouraged clients from using online payments. First, they were slow, yet they charged a lot. Clients were required to key in personal information such as names and card details before making a transaction. This was not only time-consuming but also insecure. Clients were not assured of the security of their data, and in most cases, some breaches led to the exposure of personal information and fraud. The inconvenient nature of these payment methods led to the demand for better online payment methods.
Direct Carrier Billing (Mobile Content Billing)
It is a remote mobile payment method that allows consumers to pay for online services, goods, and content using their mobile devices. According to the experts at https://www.docomodigital.com/service-solutions/enabling-payments/carrier-billing/, the payment process of carrier billing is easy as it only requires the user to enter their phone number to process the payment. The card-based system required the clients to insert their card numbers, names, home addresses, and other information. This was too much for the users. Direct carrier billing offers a shorter method to checkout, and this leads to more conversion rates.
Benefits of Direct Carrier Billing
The clients are not required to create accounts or submit their data, such as credit/debit card information. All they need is a smartphone with a SIM card. The simple and seamless user experience has led to increased customer conversion and reduced revenue leakage.
Clients trust direct carrier billing because they do not require their personal information to perform a transaction or subscribe.
3. Global reach
You can reach out to new clients who do not have credit and debit card details with a single connection. People from all over the world can make transactions as long as they have a mobile phone.
4. Simple Integration
You can onboard content partners with a single integration and reduce the time and effort required to market. This will open up access to several mobile operators.
The growth of mobile internet connections has played a massive role in stimulating growth in the mobile payment industry. More consumers are buying stuff online, which has led to the need for reliable online and electronic payment systems such as direct carrier billing. The consumer no longer needs to risk entering their credit card details, and merchants now have an easy-to-understand payment system for their customers.