“From Russia With Love” comes to mind when this is read. An SMS payment gateway in Israel, but controlled by Russians has hit the big time. Read on about some of the aspects of premium SMS payment systems here in this informative article.
When you want to send money using electronic means, what comes to mind first? Western Union? A credit card can be used, but you will need a payment processor. Paypal is one with millions of users, but there are 5.2 billion cell phone subscribers in the world. Paypal serves only a fraction of them. That number looms large when you realize that there are 6.9 billion people on the planet. Of course, when there is an economic vacuum, someone steps in. SmsCoin is one such company doing that “stepping in” with their own premium SMS service.
There are only 1.1 billion landline phones in use today. That is 4.72 times smaller than the amount of cell phone subscribers in the world. Getting money from a landline phone to someone else’s landline phone is going to be much harder than getting it from a cell phone to another cell phone. Traveler’s Express may have a toehold on worldwide credit card use, but they seem to be behind in the mobile arena. This is where a premium SMS ( Short Message Service ) comes in. It works by using a special short code sent to a special number. The rest is taken care of automatically. The bill is received on the sender’s cell phone bill from the cell carrier. It could not be simpler. No credit card numbers are shared over any electronic means, which makes it safer to use this than to try and use a credit or debit card online.
So who is using SmsCoin? An online file host named “Depositfiles” is a client of this premium SMS service. They do the same thing that Rapidshare does. They are a “file sharing service” that is a digital storehouse of large computer files. They can also be used for remote backup, such as a “cloud” service. Another customer of SmsCoin is Alawar Games. This is as it sounds, they have many types of games on their site and also accept those who want more publicity for their own privately made games.
SmsCoin has been in business since 2006 and has a country base of 87 countries. Many are large countries such as Indonesia and India. Some South American countries are also included. They started with four countries; Russia, Kazakhstan, Israel and Ukraine. They have grown to such a large stature, thanks to the ever growing reach of the mobile cell phone. It is not required to use a smartphone to use the services of SmsCoin. A “dumbphone” will work just as well as any other cell phone.
Now, there are millions of transactions per week being placed on the SmsCoin network. People are even able to collect money for web site development, thanks to special service called sms:donate SmsCoin is not the only company in the world doing mobile premium sms work, but they seem to be one of the most popular.