The mobile payments space is one of lucrative promise, and the tech world is anxious to set up an infrastructure around this direct-to-consumer portal. PaymentOne recognizes the need to really establish its footing in this new world, re-branding itself as PayOne. Along with the name change they launched a new look, new websites and a new simplified One-Click mobile payments platform. The company invented “no credit card required” carrier billing for digital commerce more than 12 years ago, having since expanded it’s network to 1,000 carrier partners globally.
The company leverages the nearly 6 billion mobile consumer accounts today, allowing them to transact at home with direct carrier billing and pay via any device anytime, anywhere. Consumers are attracted to the convenience of mobile, with an increase in activity around purchasing movie tickets, paying for parking or a bus ride, or giving a donation to a charity of choice.
“Different from offline and ecommerce, every added data element or keystroke required of a mobile consumer on the small screen is a serious point of friction and a measurable point of failure or falloff for a merchant,” said Joe Lynam, CEO of PayOne.
“Requiring the consumer to enroll, pre-register, provide sensitive personal or credit card data or establish a separate user name and password to make a simple payment amounts to far too much friction for a mobile user. The new PayOne brand represents our mission to streamline and eliminate every single step, process and keystroke possible to optimize the mobile payment experience for the consumer and our partner merchants.”
The mobile money machine
Juniper Research predicts that remote mobile payments will surpass the $250 billion mark by 2016. In a separate study by IE Research, mobile payments is expected to soar to as high as $998.5 billion within the same time frame. PayOne will aid this revolution by simplifying and securing mobile transaction across all platforms and devices, then apply charges directly to the consumer’s mobile bill.
PayPal is also making a move in the mobile payments arena, and is reportedly launching Dongle this week, a device that will allow small businesses to process credit card transactions with a smartphone. The move would put PayPal in competition with Square, Verifone and Intuit.
Necessary tech: an industry settles in
One trend pushing the emerging infrastructure around mobile payments is NFC technology. Along with the maturation of technology and the development of mobile commerce, NFC mobile payments are on their way to going to becoming ubiquitous as well, says a panel at SXSW.
Analytics also plays an important role in the ability to manage, process and learn from this new form of consumer interaction. At the 4th annual Mobile Contactless Payment Innovations Summit, which kicks off next month, the question of leveraging big data and improving customer experience through the convergence of local deals, social and mobile will be the primary topic of discussion.
And while many of the latest industry developments are optimistic, everything’s not so rosy for Nokia. The Finnish handset maker is sacking its mobile payments service, Nokia Money, in India as it intends to increase focus on device manufacturing and location-based services.