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Fast fact:
'The current system of billing to the mobile phone account is the main inhibitor of higher value m-commerce' - Upaid survey among industry insiders, March 2006


New Upaid Payment Service
Source : Mobile Payments World

Upaid is to launch its own membership-based payment services specifically aimed at the online content and m-commerce markets. Until now, Upaid has worked under the guise of brands, such as Visa and IBM, but will offer this service under a new, distinct brand, directly to small companies, replacing deals currently available to them through banks or mobile operators.

Upaid has nine years' experience with on-demand payment solutions for the web and mobile channels. The company has decided to offer its service directly to content providers because it is concerned that high fees and lack of understanding by payment companies are constraining growth in new or niche markets by forcing lower margins for merchants and higher charges for consumers.

The service will launch in January and will be open to UK and European vendors. "New merchants, especially those in new or niche markets, who wish to extend their payment options to major credit and debit cards have difficulty finding a supportive bank," says Simon Joyce, CEO, Upaid. "The result is that they have to pay a hefty premium for accepting card payment or limit their potential market. The relationship we have with our bank partners allow us to provide a dependable and more receptive service tailored to the needs of each content sector."
 
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