Will This Year See SMS Become the Way to Pay? Blog Will Mobile Payments Become the Way to Pay Mobile payments have been a hot topic for the last couple of years and with consumers increasingly embracing technology, new ways to move money around are becomi

Will This Year See SMS Become the Way to Pay?

Will Mobile Payments Become the Way to Pay

Mobile payments have been a hot topic for the last couple of years and with consumers increasingly embracing technology, new ways to move money around are becoming the focus of attention. Innovations are coming from both banks and mobile providers. Barclays are offering customers the opportunity to make payments using their phones and O2 are launching their 'Wallet' feature which allows users not only to transfer money but also spend it in selected restaurants and shops.

Retailers are Bucking the Mobile Payment Trend

Now the retailers are getting in on the action and Starbucks is leading the field with their app which allows customers to pay for their coffee via their mobile. Paypal has also begun offering account holders the ability to pay on the move, although this is limited to shops which can accept the payments as there is no option to make transfers between accounts.

One of the major players in the mobile payment market is Payforit

A consistent innovator in the field of mobile payments. They have developed their system since 2006 and it has become one of the easiest, simplest and most efficient methods of transferring funds online. With their customers' needs in mind, Payforit can lay any concerns over security to rest because there is no need to register personal details and there are fail-safes in place to ensure money is never moved without permission.

Contactless Payment

With both Visa and Barclaycard moving forward with regard to contactless payment, the barrier to increased engagement with the technology seems to be retailers' failure to embrace the system.

NFC has failed to live up to expectations, although this time buy-in is missing from the other side of the equation. Apple's refusal to adopt the technology meant the potential market was diminished right from the start and consumer interest in it waned.

SMS Payment Could be the Mobile Payment of the Future

With the options so varied and confusing to customers SMS could potentially offer a simple solution. As 86% of all mobile users are already using SMS messaging regularly, familiarity might be the key to dominating in the mobile payment market. If a secure connection can be made between phone numbers and bank accounts, payments could be made without the need for any bank details to be entered and the fact that mobile phone providers handle the billing offers an extra layer of security.

There's no need for smartphones or bank accounts and although there are some concerns over the way in which revenue would be distributed, SMS payment could be the mobile payment method of the future.

Written by Rachael Hoar of Circle Square Talent

To contact one of our specialist recruitment consultants call 0207 492 0700 or email: enquiries@circlesquare.co.uk

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