UK mobile micropayment service launches

GoPayforit, a mobile phone-based small payments service designed to let bloggers and content owners sell online has launched in the UK.

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UK mobile micropayment service launches

Editorial

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

The system - which taps the PayForIt system developed by the UK's major mobile phone operators - lets bloggers and content owners set up a payment service for their site by inserting one simple line of code.

To make purchases of between 25 pence and £10 users enter their mobile number online to receive a secure PIN code sent as an SMS. Once the PIN is received, the code is entered online and the purchase is completed with the payment debited directly from their mobile phone bill.

GoPayforit says the system works with any Web site for any content, including, donations to charity, mobile games from online stores, additional content on news sites and subscribing to blogs.

In total, the system requires 16 keystrokes to complete a transaction, which the firm claims is "7.5 times more efficient for consumers than using a credit card".

Chris Newell, CEO, GoPayforit, says: "GoPayforit is both easier to set up for the Web site and easier to use for the consumer, making it a better experience for everyone."

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Comments: (2)

Ketharaman Swaminathan

Ketharaman Swaminathan Founder and CEO at GTM360 Marketing Solutions

Similar Generation Y Payment Providers like BOKU and ZONG, to name a few, face stiff barriers to widespread adoption of their payment methods because mobile network operators retain as much as 40-50% of the transaction value as their fees. It would be interesting to learn GoPayForIt's plans to tackle this problem.

A Finextra member 

In response to the first comment, 50% of the mobile payments market is one hell of a lot of money. There is very little for them to spend it on either, other than marketing their service, the Telco's do all the hard work.

The sooner we have a common/universal mobile payments method the better. The banks aren't doing anything in this space and are probably too late now so will likely be disintermediated from this market.

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