Verizon Set To Launch Mobile Payment Service 50
CWmike writes "Verizon Wireless announced on Monday that customers will soon be able to charge up to $25 a month in online purchases to their accounts. The service, based on technology created by Danal, will require text messaging-enabled phones, and that purchases be made from Verizon-approved online stores, which include game sites and social networks. It will require that customers click a BilltoMobile button during checkout from a participating online Web site. Users will be asked to input their mobile numbers and mobile billing zip codes for authentication. Once the user is authenticated, a one-time passcode will sent to his or her phone. The number is then input into the online checkout window. At that point, the transaction is complete and the charge will appear on the customer's monthly phone bill. GigaOm writes, 'If Verizon can get people accustomed to putting in their phone numbers instead of credit cards while shopping online, then it could own a critical element in building an application and services platform that spans the wired and wireless world ... Much like Apple has such a large stake in the mobile application and commerce space today because it has millions of credit cards in iTunes, Verizon could be expanding its own payments information for a similar goal.'"
Oh, sure, sign me up... (Score:3, Funny)
Really, what idiot would trust them with this? Hey - what's this $4.59 "service access charge" that's tacked onto my $10 order?
Charging less then 20% !! (Score:3, Funny)
From another article about this service:
"BilltoMobile aims to charge fees of less than 20 percent of a transaction. It does so by bypassing the short codes to connect directly with mobile carrier billing systems and their subscriber databases. It took a couple of years for BilltoMobile to create this system and to strike deals with U.S. carriers."
The incredible efficiency of modern telecom and computer systems continues to impress me. To imagine, they have managed to develop a system where they can take less then 20% of the transaction!
To think that we used to use cash for transactions.