Basic Accounting

Content is king and information is power.

Internet users have an insatiable desire for content. Buyers want the content fast and easy. All internet buyers have mobile phones. Mobile payments are fast becoming a great way for them to make payments.

Merchants have content and want to sell it in the easiest and quickest manner possible. They view mobile payments as a way buyers throughout the world can access inexpensive content.
Mobile phone networks want more money. Rates for cell service are dropping. Where are additional revenues going to come from?

After years of trying to keep their networks proprietary, cell phone networks throughout the world are finally moving to an open network business model. It makes good business sense. The mobile networks increase data usage revenues. Plus, the companies grab a slice of the fees from their customers who want the convenience of paying by phone.

It is a winning proposition for all parties. In Europe, Asia, Middle East, and Pacific Rim, networks are rallying around the open network concept.

In the US, the cell phone networks are still stumbling with the mobile payment model. While they all recognize the opportunities in mobile payments, a few of the big players still think they can profit from a closed network system.

Until all the big companies come on board, mobile payments in the US will lag behind the rest of the world. But, it’s inevitable US mobile phone networks will soon join the world wide mobile open network movement.

Consumers will want to pay by cell phone. Merchants will demand it as a payment option. And the mobile network company coffers will scream loudly to be filled.

Tina Brandon has been involved in the payment processing industry for the past 15 years. During that time she has worked with US and international banks, processors, sales organizations offering a range of electronic payment processing solutions.

Payment Processing, Payment Processing Blog, Mobile Payments

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