There are only handful of companies providing good mobile payment system even though mobile banking has become so popular these days. There are two types of companies which are providing this service. First one which lets one to use the mobile phone to charge payments to one’s bank account while other one will let individuals charge payment with their mobile phone bills.Though there are few great players involved in it, most of the companies in this field are self started.
Using your phone you can pay from your bank account.
The service uses mobile phone to pay from one’s bank account and is becoming increasingly popular now a days. For doing this individual has to link the mobile phone with one’s bank or credit card account then whenever one swipe the phone at contactless pay stations the money is directly debited through bank account like a debit card.
The companies which offers this easy to use service are as below:
Bling nation – The start up company creates RFID-enabled stickers that can be attached with mobile phones which is further used for contactless payments. With linked to user’s bank account the stickers works like a debit card. The company markets these stickers to bank which offers to its users to buy it for making contactless payments. The stickers can be used at contacless payment option offering stores with mobile phones. With raising about 8 million funding, the company has nice business plan.
Mobile payment skins – The company is offering a similar payment option with that of Bling nation. It is making mobile phone skins which will contain RFID inlay that can be further used at contactless shopping offering shop. The company works similar to Bling nation. The company is working right now with prepaid accounts only. People use to withdraw money after putting it in their account. The Mobile phone skins will be working with credit cards and banks to provide flexibility of payment in future.
Odopay- This is well funded company which provides mobile payment linked to a bank account. The company provides two types of payment option i.e. bank account and prepaid account, the bank account payment can be linked with an odopay master card. For making payments and receiving them, one has to sign for a free Odopay account then one can use that for doing all sort of shopping. The Odopay can be used for exchanging money with family members as well as to buy something from stores conveniently. One has to pay a small transaction fee for all payments made by the Odopay account.
Vesta – From working professionals in different kinds of business to an average subscriber, the company provides many types of payment solutions which can be made through mobile phone. With Vesta one can do various things like payments can be made through SMS, MMS and SIM based services and one can link it to checking account, credit card and prepaid account.
Verrus – The company is unique with providing facility to pay by placing a phone call, one has to call a number to complete the transaction. The money is debited from individuals account or the credit card which one has registered with the company, when one makes a voice call. With company giving online receipt for every transaction, one can pay to parking as well as taxi fares in some of the U.S. states by just making a phone call and using the company’s pay-by-phones service.
Your mobile phone to charge payments
There is another type of payment option also available in which one can pay through mobile phones but the company will be charging whole transaction through one’s mobile bill instead of bank account or credit card. This option is boon for those who don’t want to use bank accounts for paying money to their purchasing or even don’t have a bank account. For buying online products this kind of option is best suited like one can purchase an application from the net and the individual can make this purchasing by mobile phone after that the transaction will be shown in mobile phone’s bill.
Boku – The company came into lime lite in early June when three big announcement made by it simultaneously. First, the company announced its official public launch. Second, it will be acquiring two huge mobile phone payment companies at once to strengthen itself. Third, the company is supported by $13 million capital investment to make all it possible. With a dream to reach all over globe, the company wants to work like a method to develop mobile phone payments for wide range of different websites.
Zong – This company provides similar way of mobile payment option as Boku and its a competitor of previous company in that terms. Working with a popular computer gaming company Outspark, Zong got a toehold in the industry. Subscriber could pay for the games that they play to Zong by using their mobile phones. The company works with leading website and developers of Facebook applications. Both companies are having a stiff competition in this type of payment business made by mobile phones.
There are really wide options available for making mobile phone payments through these startup companies. How ever many big firms are also coming to try a hand in this industry. To make some profits out of this industry every one ranging from credit cards companies, banks, mobile phone manufacturers are interested.
PayPal – PayPal mobile is one of the most famous mobile banking system today. The system works similar to any one’s online PayPal account by which one can make transaction from mobile phone as one does on internet.
Visa/Nokia – The leading mobile phone manufacturer Nokia is going to roll out NFC- enabled mobile phones which can be used at various contactless shopping outlets. The payment will be assisted by Visa, thus, the collaboration is biggest of its kind.
Smart phone makers – With the help of smart phones one can easily connect to web thus, making mobile phone payment more easy then ever. The big name hand sets which are playing a big role in these payments are Blackberry, iPhone and Android. With mobile banking software included, these mobile phones will grow fast in this business of contactless payment.