Making payments by text are an effective means of making a payment for goods, services, and products via a text message sent from a customer’s mobile phone.
They are no different than normal text messaging and simple for customers to use. With the pay by text service, customers send a text message to pay for something, via their mobile payment provider.
This provider insures that the transaction clears the customer and the vendor, ensuring security. The cost of the purchase is simply added to the monthly phone bill of the customer for them to review like any bank statement, or deducted from a pre-paid balance.
By using text payments, mobile phone users can securely, quickly and safely pay a vendor, both real and virtual.
Given the omnipresence of mobile phone in people’s pockets, this secure payment method is ideal for both businesses and customers alike. The fact that the only requirement for a mobile phone is texting ability, ensuring that no matter what phone the customer has, they can make a payment with it.
Pay by text is seen by many in the business to be a major advantage in future mobile payments.