Mobile payment scheme for the UK, will you PayForIt?
By Arnold Zafra
Five major mobile phone companies in the UK, I-play, Gameloft, EA, Multimap, SonyEricsson and Samsung, are backing a new payment scheme for consumer purchases worth up to £10.
The mobile payment system, PayForIt can be used to pay for ringtones, train tickets, parking fees and soon, other online transactions. Charges incurred by consumers will automatically be deducted from their mobile phone bills.
PayForIt has been designed in such a way that mobile phone users can use the system regardless of their mobile phone carrier.
Mike Short, Mobile Data Association chairman told BBC that the system offers an alternative to premium rate SMS:
“It’s for those customers who have not felt comfortable with mobile transactions or payments.”
PayForIt is optimistic that the new payment scheme will make consumers more confident about using mobile phone payment systems.
But Paul Hunt, a mobile commerce expert, said that for PayForIt to succeed, it will need to work hard to distinguish itself from other payment options.
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