The SMS or Short Message Service has become an integrated part of our everyday life. Several businesses have exploited the SMS to make our life easier and among them are SMS/phone bill payments. Today, these mobile payments are used by many customers since it offers easy, quick but secure transactions. They can buy or sell goods and services with their mobile phones.
In the iGaming industry, SMS is trusted by the players and many Brits prefer making a transaction at top-rated or new pay by mobile slot websites as it’s fast and easy to make a deposit and gamble there. Actually, SMS payments run like standard SMS and the users just send a text message to pay for a product or to deposit in a casino. The purchase cost is deducted to the phone bill monthly or from the prepaid balance.
According to the I.E. Market Research survey, the mobile payments in 2014 were reached 1,200 billion dollars worldwide and the majority of these transactions were in India, Latin America, and Africa. Since text payment is one of the fastest-growing fintech systems, what are the benefits and disadvantages of using these methods?
- Safe and secure. The security is the main worry of the users when they move funds. That is the reason why they search for trustworthy payment solutions to avoid fraud or scams. In fact, the purchasers don’t need to supply their bank details or credit card. SMS transactions reduce theft risks as only the mobile phone number is required and they can make payments. As for the merchants, they don’t need to worry about the credit card being rejected, chasing cash, and verifying the identities of their customers.
- Fast and simple. Another main benefit of choosing SMS payments is its simplicity. The users just need to send an SMS to make transactions. Actually, with SMS it, the customers send a text message to the mobile carrier to pay for an article or a service. Then, it’s the provider who completes the deal between the seller and the customer. Besides, the merchants can accept money from mobile phones that are capable of sending text messages. As the customers are able to pay at their convenience, buying goods as well as making deposits are not their main concerns anymore. To use this technology, the users give their mobile phone numbers and request to do the payments. Then, a text message will be sent to them in order to confirm their deposits. They answer with “YES” to the text message. When the reply is sent, the transaction is processed.
- Convenient. Convenience is also the next advantage of SMS payments. Both businesses and customers just use their mobile phones anytime and anywhere when they transfer money. In addition, they have low transaction fees. The merchants can accept payment from any mobile phones in the world by just sitting in the comfort of their own homes. Sending money is, hence, simple since no registration or an account is required.
- Risk of phone theft. Like any payment methods SMS ones have their cons and the main disadvantage of these options is the risk of phone theft. Since these systems require your mobile phone for making transactions, your phone can be theft. Therefore, you cannot complete your transactions. Safeguard your phone against theft by using the PIN code or the security lock code.
Undoubtedly, SMS payments have become a convenient way of making transactions. There are many advantages when using these deposit solutions. Today, people do not only use them in commerce and casino but also on charities. These latter usually receive the donations via SMS and they use these methods in two options.
The first one is to raise funds from donors and the second way is to reach the aid to the beneficiaries. Several charities use these options to receive donations. Despite the growth of the e-wallets or other financial solutions, mobile phones have remained the wallets for billions of consumers.
The fact that they provide security and efficiency to the users makes these systems so popular. In the casino, for example, SMS online payments are chosen by many players. All in all, SMS is one of the solutions that facilitate our way to send money as it gives more benefits for both the businesses and the customers.