In order to keep your company on top of its game, it’s important to know the playing field. Especially when it comes to potentially lucrative avenues like mobile billing. Mobile billing, also known as direct carrier billing, lets users purchase online and send the charge to their mobile provider. Then the charge is handled with the next monthly bill. This is a great way to reach a global market and to make conversions on a wider demographic than you can reach with other means.
Although it’s been around forever, mobile billing is only now moving into its heyday. Let’s look into some of the important facts about mobile billing that you’ll want to know when planning your marketing campaign.
1. Mobile billing stimulates growth in Mobile Network Operators (MNO’s)
Although it might not seem like it on the surface, this is massive. Mobile network operators are your mobile service providers. Just think about all the offers you get on your cell phone for apps, games, and pretty much anything you can imagine. Mobile billing via service providers began with videos, music, and games, and these are still key areas of growth. However, the market is shifting, and other products and services are rapidly becoming available.
2. The Market is expanding steadily
You’d think that with all the other payment methods on the market, mobile billing would be on the way out. But this couldn’t be further from the truth. Back in 2014, only a few short years ago, the global market for carrier billing was worth $14.5 billion. Compare that to projections for 2023, which are expected by Ovum to reach $24.7 billion. Bring mobile billing into your business, and you can tap into this market as it’s on the rise.
3. Look into Emerging Markets
Emerging markets are developing nations that are beginning to engage in the global market. Think of places in South America, Africa, and Southeast Asia. Many people in these countries are more likely to have a cellphone than a credit card. Mobile billing lets you reach people all across the world and offer your products and services to these emerging markets.
4. Mobile billing is easier
This might seem like a small thing, but it has a huge impact. The easier it is for a customer to make a purchase, the less time they have to lose the mood and move on to something else. The less effort they have to put in to make the decision. Mobile billing brings the purchase down to a couple of clicks, and done! No credit card details or any other information at all.
5. The Margins are improving
Mobile billing has become fairly popular in developed markets already. In some instances, the price for mobile billing service would go up and your margins would decrease. However, Google and other major players have been driving down the prices of the mobile network operators to pave the way for app store sales. This means that the prices remain low, and you get access to a global customer base ripe for commerce.
This is just the tip of the iceberg when it comes to mobile billing. If you’d like to know more, or if you’ve decided to expand your business with mobile billing, feel free to contact us. At Mobivate, we can help you take your business to the next level.