Creating New Payforit Business Models
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The document discusses the Payforit payment system, which allows consumers to pay for digital products using their mobile phones without needing credit cards. It highlights the benefits for both consumers and merchants, such as convenience, enhanced conversion rates, and reduced customer care costs. The document also emphasizes the importance of security and consumer confidence in adopting mobile payments.
Creating New Payforit Business Models
- 1. Creating New Payforit Business Models James Harrison UK Country Manager Oxygen8
- 2. • How do you use Payforit to get your product working for all mobile consumers? • How do you drive mobile consumers to your site or service? • Do customers feel safer with a standardised payment facility? Aim
- 3. • Introduction to Payforit • The Marketplace • Consumer & Merchant Benefits • Getting Started • Tips for driving consumers • UK Case Study – Paymins • Consumer Confidence Agenda
- 4. Overview Payforit is an easy way for consumers to pay for digital products and services via their mobile phone where consumers do not need a credit card or membership to pay for your goods online. Charges are applied directly to their mobile phone bill giving an effective substitute for other payment solutions.
- 5. With access to approximately 52 million UK mobile users, internet based Merchants should seriously consider Payforit as part of their eCommerce and mCommerce strategy. (payforituk.com) 8 million people in the UK access the Internet from their smartphone every day. There are 23 million smartphones in the UK – almost 50% of all mobile phones. (newmediatrendwatch.com) The Marketplace
- 6. Benefits to Consumers • Convenient - No registration required & low friction • Easy to use - ‘Click and buy’ purchasing without receiving multiple SMS billing messages • Easier Opt in Services - An SMS from the end user’s handset is not needed • The ability to offer personalised browsing experiences through user tracking • Full Ubiquity - Accessible everywhere
- 7. Benefits to Merchants • Opens up new marketing channels - Unique identifier • Enhanced conversion rates of mobile site purchases • Flexible Pricing - You can bill at a range of tariff points through a single account • Robust payment interface - Guaranteed payment no partial payment or out of credit re-billing • Session billing - Enhanced user experience i.e. gaming • Spontaneous purchases - Driving incremental revenue • Reduced customer care costs
- 8. Getting Started • Choose the right provider • Understand the benefits • Understand the best practices for making sure customers complete a payment • Utilise the embedded HTML5 based payment iFrame in V4
- 9. • CRM and data management • Optimise your website – Separate website – Dynamic website • Mobile marketing – Mobile Search Engine Marketing (SEO & Pay Per Click) – Social Media – SMS / Email • Offline advertising Tips for driving consumers
- 10. Paymins Case Study 1. Payment Processing • Mobile operator relationships • Monthly payouts to artists • Fraud management 2. Digital Distribution • Secure online storage of content • Fast delivery of content to customer • Highly scalable cloud infrastructure • Advanced reporting & analytics 3. Customer care • Support • Regulations/Compliance • Refunds/chargebacks
- 11. 1. Enter Number
- 12. 2. Receive SMS
- 13. 3. Enter PIN
- 15. Single Click: Operator and phone number are automatically identified. A frictionless checkout experience means more revenue
- 16. Consumer Confidence Security and fraud concerns are the main barriers preventing consumers from adopting mobile payments (pymnts.com): • Payforit is the most secure way to buy goods and services online • No need to provide your bank details, credit card • No possibility of your billing information being passed on to other companies and unauthorised charges added to your phone bill • Trusted Branding - The association of the Payforit logo encourages confidence consumer purchasing • Full pricing transparency makes it clear • Key terms and conditions available before purchase
- 17. Mobile Payments now accessible and ready to drive incremental revenue for your business…
Editor's Notes
- #5: Universally accessible payment mechanic
- #6: Mobile is now a defined channel in the payments world – payfoit is an operator backed payment flow that makes it scalable.
- #9: Utilise the embedded HTML5 based payment iFrame in V4 enables secure transactions without the consumer having to leave the Merchants environment and Payforit Single Click that enables consumer opt-in simplified checkout for second and subsequent purchases from the Merchant.
- #10: SMS campaign
- #11: Paymins has agreements in place with a number of the uk’s largest music labels for the mobile payment of music downloads, monetizing music downloads4 types of digital content available – ebooks, songs, images and videos.Once downloaded can be synched to i-tunes, hence removing the need for any other payment mechanic other than your mobile phone.
- #16: 2nd time visitors recognised
- #17: I read recently that security and fraud concerns are the main barriers preventing consumers from adopting mobile payments…