For in-app payments, transactions are tokenized via a coding system that verifies payments without sharing card numbers. With mobile payments, the sensitive details aren't displayed on the device: for SMS payments, a code is often all that users need to provide: they don't even need a bank account. If someone gets hold of your card details – still possible despite better modern safety measures – they can use them to clock up fraudulent charges until you cancel the card, which might take some time. When internet customers choose to pay by phone instead of via traditional debit or credit cards, they do so for various reasons, but perhaps the main one is security. The wide range of mobile wallets and compatible sites means phone payments could become more popular than a debit or credit card in the near future. Today paying by phone is well and truly standardized with many people in the developed world making several transactions per day. These methods use virtually hack-proof security to safeguard people's funds and have proved a popular choice with crypto enthusiasts.

Note: The advent of crypto wallets, too, meant that people could use their digital money to make purchases and even deposit into crypto-friendly casinos. Players could now deposit funds into an online casino with a few taps of their smartphone screen. Each time the player wanted to deposit money, they did it through the app and complete the process in just a few clicks.Īpple allowed real-money gambling apps into the App Store for the first time and Apple Pay was one of many real-time payment apps that appeared a few years later, along with Android and Samsung Pay. They simply linked their bank details to the app, which used encryption technology to store it securely. Instead of setting up a bank transfer, users could now use the app as a kind of digital wallet. US company Boku was the first well-known example in gaming with its technology opening up payments via consoles and mobile devices.Īfter 2010, however, the rise in mobile app technology took phone payments to another level. They would then receive an SMS to confirm the transaction, which later appeared on their phone bill as part of their monthly charge. The first web-hosted payment systems allowed users to enter their mobile number to make a purchase. However, it wasn't until well into the 21st century before mobile internet payments took hold. Mobile payments have been in the public domain since the 90s, when the likes of Sony Ericsson and Coca Cola experimented with buying goods via SMS.

Pay by phone: a very 21st century way of paying

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