Payment methods are an area where we observe an extremely rapid development. The number of services and products around us is constantly growing, and fintech startups are keen to catch up with demand. Among the industries that are closely tied to financial transactions is iGaming. Operators tailor cashiers to different preferences, like e-wallets or deposit by phone bill. Such payments have been around for decades, but they still haven’t lost relevance. Let’s see why this fintech method appeals to users in the UK.
The history of mobile payments began long before the advent of NFC. The appearance of this method in the commercial arena dates back to 1997. It was in that year that Coca-Cola launched a limited test of soda vending machines with SMS payment. Users had to send a message to get their cola.
Today, mobile payments no longer require SMS. Instead, people who want to cover parking fees or refill their Pay by Mobile casino balance can simply enter their phone number. The same applies to payments for other digital services and even the purchase of goods. The range of functions of this method is limited only by the jurisdictional peculiarities of the countries where it is present.
Modern users strive for portability, speed, and maximum time optimisation. They are not ready to spend minutes on the purchase process. This is also not in the interests of business. Because the longer it takes to make a payment, the more time the customer has to change their mind. For instance, UK citizens who choose Pay by Phone casinos do so as they know their replenishment will be handled instantly.
The whole process takes a minute and looks as follows:
Let us explain possible plans in more detail. Users have access to the prepaid or monthly (often called postpaid) plan. Prepaid is an immediate payment, i.e. the user pays for the services from his or her own account at the moment of confirmation. In the event of a monthly subscription, the payment will show on the user’s next phone bill.
In order for a technology to exist on the market for more than 30 years, it must have more than a group of followers. Developers of phone billing systems have tried to work on functional advantages. Users get them:
Privacy. Since a person does not enter his or her banking data, this information remains confidential.
Accessibility. Unlike bank accounts, everyone has a phone number. This makes it much easier to take advantage of mobile billing payments.
Widespreadness. Many European countries support this method, particularly the United Kingdom. It is especially popular with players visiting a Pay by Mobile casino in the UK.
These advantages have given the technology 30 years of popularity. However, this method also has noticeable drawbacks.
Payment by mobile number is an old solution, and therefore, it is often limited by the technologies of its time. The disadvantages that users face are worth mentioning as well. Here are the main ones:
Amount limits. Most billing operators have a transaction cap of 30-40 pounds. But on the other hand, this is a positive side as people face no cost overruns when playing pay by mobile slots.
Restricted functionality. Payments by mobile number work only in one direction, and users cannot withdraw funds using this method.
Narrow availability. Few iGaming platforms support this system compared to debit cards or trending e-wallets. This severely curbs the alternatives for users.
Basically, pay by phone bill transfers are available through several services:
Payforit is a unified British standard that serves as a bridge between consumers, operators, and merchants. The integration of the Payforit protocol into the payment system of websites and companies allows users to pay their bills directly from their mobile phones.
Both services are universal solutions that bypass Payforit. Instead of integrating with each operator, it is enough for a company to work with Boku or Fortumo. The number of companies working with these services is large, which also adds comfort to players.
This is a solution that covers most of the disadvantages of classic payment by phone number. Here, the wallet acts as an intermediary between the user and the company, and the phone number is a remote control. For example, DCB does not support withdrawals, while wallet integration changes the rules. In addition, thanks to the wallet, the user can avoid spending restrictions, because the key “bank” is the electronic wallet.
Fintech is a separate cluster whose development directly depends on the level of demand and user comfort. Over the past 10 years, comfort has become a key source of inspiration for developers. In this aspect, mobile payment has a lot to offer. This technology was the first to be introduced, and it initiated the development of many related technologies, including NFC. Even today, the use of phone numbers for covering the costs of digital services like Spotify or entertainment at Pay by Mobile casinos is still relevant. However, the number of billing providers is not impressive, which plays against the payment method. The article suggests information provided by iGaming expert Oksana Kumetska.
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