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Aug 1, 2012
Online shopping cart abandonment rates are sky high, topping 70 percent according to some studies, and incomplete sales can be a problem for today's online retailers. Buyers may be annoyed by the hassle of filling out online forms, or concerned about supplying credit card information, and choose not to complete a purchase. One solution may be direct mobile payments that allow buyers to make a purchase in just seconds, billing the transaction to their monthly mobile statement. Instead of filling out forms with personal information, a buyer simply types in his or her mobile phone number followed by a pin number received on his or her wireless device and the purchase is complete. Technology consultancy Yankee Group predicts that global mobile transactions will grow from $241 billion in 2011 to more than $1 trillion by 2015. There are a number of companies that specialize in secure mobile payment solutions, including boxPAY, a company that allows merchants to integrate payment options into ecommerce websites to enable SMS and direct carrier billing; Zong, a postpaid mobile micropayment service that was acquired by eBay in 2011; and BOKU, which partners with mobile network operators worldwide. In an era when almost everyone has a mobile device, mobile payment solutions that enable carrier billing and prepaid balance deductions can be an integral part of an online company's expansion strategy.
Topic: Web Tech Tips
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