Mobile phones are now widely used as a payment method with some coming from an online account you have set up and some being linked to you mobile phone bill. Mobil phone payments are a must for any serious website these days and it highly recommended as an option for online payment for any website.
There are two main types of payment method by mobile phone; SMS Payment and Online Phone Account. SMS Phone account is significantly more useful to online merchants as its reach is twice that of Visa enabling merchants to sell to more than 3 billion consumers.
SMS Payment where the amount is added to your phone bill and then your Network/Phone provider takes the credit risk. With SMS payment there is also no charge backs and the payment is confirmed instantly. One great benefit about SMS purchase is that it enables you to access an additional 1.5 billion people which is twice that of visa and 50 times that of PayPal (although PayPal can also be used to accept credit cards).
The other method is where you sign up to an online account which you can receive or send payments to from your mobile phone. At the moment it is more of a social networking tool and used between friends and is often an application on Bebo, MySpace and/or Facebook so you can easily transfer money to friends.
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