Ashley Ward, CEO of Upaid, said: "Our survey shows that credit card users are aware that paying by the minimum amount can cause long term debt but they don't have a simple enough mechanism to adjust their payments each month. Most credit card companies take the problem of timely payment seriously and a number of major lenders are already considering a text message reminder and payment authorisation service."
Earlier this year, French store card group, Cofinoga, launched the first mobile payment service for monthly credit card bills. The service uses Upaid's Text cheque™ application which sends a text message to remind the cardholder payment is due. The customer replies using a previously allocated password and indicates the payment amount to authorise the transfer of funds from an agreed bank account. The amount paid can vary from the minimum amount due up to the full balance on the store card account. Cofinoga cards are accepted at over 25,000 retail stores across France including premier department store Galeries Lafayette.
Upaid's Text cheque™ service has been designed for any type of mobile phone – no changes or additional technology on the handset is required.
About the survey
Upaid commissioned a telephone omnibus through TNS Global in May 2005. A representative sample of 1019 GB adults aged 16+ were interviewed. The data including a geographic breakdown is available from Sarah Baldry, contact details below.
For further information, please contact :
Mary Carol Harris
VP, Marketing – Upaid
Tel: +44 7815 757 431
Tel.: +44 207 608 4629
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