» 2011 » May

With over half the world’s adult population being unbanked or without   an account at a bank or a financial institution, the need for an alternative payment method is globally voluminous. With that being said, the technological advances and development of telecommunication and mobile applications, makes mobile payments a viable and an attractive payment solution to global consumers and businesses.

According to the Financial Access Initiative report; Half the World is Unbanked, 2.5 billion adults worldwide do not use formal financial services. 2.2 billion of the unserved adults live in Africa, Asia, Latin America, and the Middle East and around 9 million live in the United States. Whilst, the global unbanked population live both, in countries with an established financial payment infrastructure and countries with a limited financial infrastructure, 5.3 billion people globally have mobile phones.

With over 70% of the world’s population being mobile subscribers, the bill to mobile solution holds the key to the future of online payments.  Not only is online mobile payments, a convenient purchase method but unlike mobile banking transactions, it does not exclude the unbanked population. With the purchase taken off the customer’s mobile phone balance, this method would potentially suit the payment needs of the unbanked mobile subscriber population.

Online mobile payments utilize the advantages of mobile-commerce and have the capability of enhancing the lifestyle of billions, especially those living with an inadequate financial infrastructure. With the ever increasing use of mobile devices and advances in technology, online mobile payment is an efficient and convenient global solution to the current and future position of online payments.

May 5^th, 2011 – New York, NY – The Text2Pay platform enables end users to pay for goods online, safely and easily with a simple text message transaction on their mobile phones, and provides online merchants and developers a simple, effective way of monetizing their online offering or adding depth to their current payment options. Text2Pay offers secure mobile payments using two-factor authentication to reduce fraud and offers dynamic pricing.

To see how mobile payments work, watch the demonstration below.

In a rapidly maturing mobile payments market, Adam Weinstein, SVP, Global Business Development sees an increasing demand from merchants and developers for more customizable and ultimately a more price competitive mobile billing platform.

“Many of the other global players in the mobile payments space are too aggressive with their transaction fees and simply too rigid in their approach to end user experience, saying ‘it’s our way or the highway’ and slapping their brand all over the billing process,” he says.

“Text2Pay acknowledges that many merchants and developers would prefer to integrate a more customizable (white-label), non-branded mobile billing solution into their offering to maximize their conversions but also know they are getting one of the best transaction rates currently available on the market,” Mr. Weinstein says.

About Text2Pay
Text2Pay is a leader in online payments using the mobile phone. Text2Pay makes it easier for consumers to pay for virtual goods and services by using their mobile phone. With strong security and high conversion rates being the most important factors, Text2Pay’s goal is to make the customer’s payments experience more enjoyable and easy.

For more information, visit Text2Pay.com

Text2Pay Inc.
Adam Weinstein, 877-907-6622
adam@text2pay.com