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The rise of mobile payments driven by convenience

The mobile payments industry is showing no signs of slowing down and it’s not surprising as technology continues to make user’s lives more convenient in today’s fast-paced world. “There’s an app for that” was Apple’s famous advertising slogan in 2009 and this is even truer today than it was then with almost everything accessible through an app; from gaming and social networking to mindfulness and sleep tracking.

Mobile device connections have now surpassed the number of people in the world (7.71 Billion) and today over 5.13 Billion people worldwide have at least one mobile device (67% of the population).

Consumers worldwide downloaded 194 billion mobile apps in 2018, spent $101 billion in app stores and averaged three hours per day on their mobile. In today’s mobile first economy, consumers are demanding convenience and security online and this is what has been driving the uptake of mobile payments like carrier billing.

What is carrier billing?

Carrier Billing is a mobile payment service that allows users to purchase digital content and add it to their mobile bill.

Think about being on holiday and staying at a hotel – carrying cash or cards around the pool is inconvenient, so often there is an option available to add food, drink and other services to your room bill. This is exactly like mobile carrier billing – users can quickly and conveniently add various items or services to their phone bill, instead of using other time consuming and often less secure payment methods.

  • The mobile payment option works with subscriptions and one-off payments
  • It’s available to both prepaid and post-paid customers
  • The payment process is quick, convenient and secure

Carrier Billing appeals to those consumers who:

  • Prefer a faster checkout method
  • Don’t want to share their card details online
  • Are based in markets where cards aren’t widely available – only 18% of the population worldwide have credit cards, with countries such as Indonesia as low as 2%

The growth of carrier billing

The study, Direct Carrier Billing: Forecasts, Player Strategies & Emerging Opportunities 2019-2024, found that consumer spend via carrier billing is expected to rise from $28 billion last year to nearly $90 billion by 2024, with most leading app stores and content providers now seeking to enable carrier billing as an option.

What has been driving this growth?

Research by Juniper states that growth is being driven by:

  • Bundled content such as Spotify and Netflix – “by using carrier billing for acquisition, OTT content providers can reduce marketing costs by leveraging the brand name of local mobile operators”
  • App Stores like Google Play continuing to launch carrier billing in new markets across the world

What are the benefits of carrier billing for merchants?

  • SLA Digital has established global mobile operator agreements across Europe, the Middle East and Asia – a single integration allows access to all mobile operators, reducing time and effort to market and making users’ lives easier with faster check outs in only 2 clicks
  • Secure, seamless payments as well as flexible pricing and billing frequencies
  • Access to customers in markets who do not have credit or debit cards

I already offer various payment methods – why should I add carrier billing?

Merchants often see higher conversion rates with carrier billing, due to transactions being completed faster than purchases that require the entry of card details. Carrier billing can also help to capture revenue from users who do not have credit or debit cards or who want a more secure method of payment.

What kind of apps/services does carrier billing work best for?

There is no specific formula, however SLA Digital have successfully increased revenue for merchants, offering carrier billing in various categories such as:

  • App Stores
  • Gaming– Downloads and in-app purchases
  • Video Streaming
  • Music Streaming
  • Health and Fitness Apps
  • Social Apps
  • Sports Apps
  • Utility Apps

To discuss carrier billing as a mobile payment option, get in touch with SLA Digital today.

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2019-10-02T10:52:43+01:0030 September, 2019|