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Mobile is about to be redefined by payments

November 2, 2010


The missing link in the coming mobile revolution is the payments piece. Various people and players have been struggling for years to come up with a solution that works across handsets, networks and operating systems. Then there’s the issue of security and making sure that everything works as planned.

Currently, Amazon and EBay have made huge strides in making mobile payments, not just a reality, but a highly lucrative part of their business models. Although, huge these two players represent a tiny fraction of the universe.

This could be about change thanks to a company called BOKU, who have just started participating in a trial with AT&T. The system can work across platforms and is very simple from the user perspective.

“The process for making a
payment is simple and convenient – users simply click BOKU to purchase
and then 1. Enter their mobile number, 2. Receive a text message to
confirm, and 3. Reply with the letter “y.”

BOKU has certainly attracted a lot of attention, including- Apple’s.

It remains to be seen if the company waits to seize the big prize of offering its services across networks and handsets or goes for a quick sale.

If it’s the former, there’s the potential of this new service to radically change the mobile advertising space. If there’s a simple, easy-to-use payment method advertisers will have opportunities to sell direct and making the advertising market instantly viable.

Posted by Ed Cotton

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