It is no longer hard to imagine your phone doing the duties that your wallet previously had done – store money and pay for your necessities. Why not? You bring both your wallet and your phone almost everywhere. Now, you can bring only your phone and still be able to pay for simple pleasures like that cup of coffee or that load of laundry, and heavier responsibilities like loan or mortgage payments.
The mobile payments industry has been growing exponentially the past years. Businesses, which normally would prefer cash transactions, could not resist the temptation of offering sms services as part of their payment methods. Hence, you can now pay the goods and services from your favorite local and online shops for your apps, books, laundry, shoes, clothes, movies, and even music just by taking advantage of their premium sms promotions.
There are nuances in sms payments that differ from company to company, such as service fees or charges. However, they offer the same services where it counts such as the use of short codes and PIN. They rely on messages to pay in the same manner as if you had paid cash. There are several mobile billing methods that are popular around the world.
Premium sms is one mobile billing that has been garnering positive acceptance among customers. It’s easy to register and payments occur fast since all you have to do to pay is to send a message containing the necessary information to a special contact number designated by the billing company.
Mobile web payments are another billing method wherein paying consumers install or download specific online web pages in their smartphones for successful payment.
Mobile content billing (also referred to as direct operator billing) is a popular alternative to the sms payments. You need an app for this in order to pay. You get to be informed if your payments had been made and, in case of failure, you also know the reason why.
Online wallet is one of the original modes of online payments. After registering in a website with the necessary information including your mobile phone number, the company will send you a message and a PIN. Online wallets usually require a credit card when it comes to paying bills. Hence, every time you make a purchase and pay through online wallets, you need to remember your billing PIN, your credit card numbers, and other necessary passwords.
It is only practical to choose mobile payments as a way to pay your bills in case you don’t want to waste too much time going through several tasks, like physically going to the bank, falling in line, or going to the store. You already have a mobile phone to finish all that.