The mobile payments industry is booming. According to Juniper Research, Carrier billing spend will reach $122 billion globally by 2027, rising from $70 billion in 2023. With 8.6 billion mobile phone subscribers, consumers are increasingly using their phones to make purchases and pay bills.
Direct Carrier Billing (DCB) is a payment method that allows customers to purchase digital goods and services and pay for them directly via their mobile phone bill. This is a convenient and secure way for customers to pay because the charges are simply added to their monthly phone bill. Direct Carrier Billing also allows customers to make payments without having to enter any bank or card details, the payment is processed directly through the customer’s network provider. Sounds pretty easy right?
There are many use cases for carrier billing. Paywalls, content streaming, subscriptions, ticketing, gaming and many more. Due to the diversity of this payment method it enables businesses to reach +90% of the total population via carrier billing resulting in a 30% uplift in revenues without cannibalisation of other payment methods. What’s more, there are 3x more mobiles than credit cards worldwide, making carrier Billing an ideal global payment method.
SMS Billing, on the other hand, is a payment method that allows customers to purchase digital goods and services and pay for them via sending an SMS message. This would be more suited to donations and competitions as it’s quick and easy to reach for your mobile to respond to an ad via TV or radio.
With the ever-increasing popularity of digital services, businesses are increasingly looking for convenient payment options to offer their customers. Direct Carrier Billing (DCB) and SMS Billing are two popular payment solutions for digital services that offer a number of benefits for both businesses and users alike.
For businesses, they provide a secure, convenient and fast payment solution that can help to acquire more customers, maximise engagement, sell more services, convert more payments and generate more revenue.
For users, the payment process is incredibly simple, fast, secure and hassle-free, making it ideal for customers who may not be familiar or have access to more traditional payment methods, and if they are not familiar, it is a great and personable way for business and users to communicate.
If you’re looking for a secure and convenient payment solution for your digital services, Direct Carrier Billing and SMS Billing are 2 increasingly popular payment methods worth considering. They offer a number of benefits for both businesses and users, making them ideal for businesses looking to drive sales and increase customer engagement and conversions. Fonix is one of the leading providers for these two payment methods.