PayNowSMS offers a new alternative payment processing service, enabling merchants to accept credit card payments for content. Merchants joining the new scheme can benefit from lower cash collection costs compared to premium SMS and reverse billing, where operators typically charge higher fees. End-users register their details just once with PayNowSMS and then may purchase content from any merchant displaying the PayNowSMS logo by sending a simple text message from their mobile phones. The mobile payment-processing platform, which powers the PayNowSMS service, has been designed and is operated by Upaid, a mobile payment specialist.
PayNowSMS differentiates itself from other schemes by creating a single mobile payment brand that both consumers and merchants can recognize easily. Registered users know that anywhere they see the PayNowSMS logo they can purchase content directly from their mobile handsets using their credit or debit card. Although PayNowSMS initially is targeting merchants in the entertainment and online gaming industries, the service can be extended to other types of merchants.
"The entertainment and gaming industries have always been the early adopters of new technologies and first in offering innovative services to the market,” says Aidan O'Kelly, chairman of PayNowSMS. “We will continue to extend the reach of PayNowSMS to new entrepreneurial merchants, which will in turn provide more variety in services and convenience for PayNowSMS end-users."
Ashley Ward, chief executive of Upaid, comments about how PayNowSMS represents innovation in mobile payments: "Services such as PayNowSMS will catalyze the mobile content industry, enabling more merchants to sell their products at an affordable commission rate. This can only result in more choice for end-users and unprecedented growth in the content market. We are excited about its potential and the credibility and validation it gives our technology platform."
PayNowSMS allows registered users to purchase both online and mobile content from affiliated merchants and pay with a credit or debit card of their choice. Users register their details, including mobile phone number and optional e-mail address once only, and can purchase content from a Web or WAP site, or simply by sending an SMS message. This message contains a unique code for the merchant and product and is sent to a mobile number dedicated to the service. The Upaid platform performs the necessary financial authorizations for the card purchase and instructs the appropriate PayNowSMS merchant to deliver the product to the user. Users can have content delivered directly to their mobile handsets or receive a username and password to access the content online. The PayNowSMS website also offers account management features, enabling users to track recent purchases and update their details via an easy-to-use Web interface.
PayNowSMS merchants currently using the service to deliver content to registered users include Mask TV.
