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Paymo

Paymo has been taken over by Boku which also took over Mobilcash to start operations. The model operates the same as Paymos model below.

Paymo is basically the same as DaoPay and Zaypay although it is an SMS system only which ends up being the method of choice for most if not all customers.  It is free to sign up as a merchant and start accepting payments; you can then withdraw to a bank account when necessary.

It was started by the founders of mBlox which is the largest mobile payment system with volumes of around US$500m.  Their strong relationship with the network providers has enabled them to get the transaction price down.

I make it my mission to keep up-to-date with payment systems especially those made by mobile phone as I believe this will be the way that merchant can tap whole new sections of the market.  Currently, mobile payment are almost solely used to sell online digital/audio/visual content such as music, games and ringtones where the margins are high but as the telecommunications industry and the banking industry start working together we could see it being possible for larger purchases of up to $100 or more being accepted by mobile phone.

The DaoPay and ZayPay websites are both better than Paymo and at the moment they explain how to implement their payment method onto your website in a detailed way – this is vital for merchant take-up.  It will be up to Paymo in the next 6 months to really make their system easier to implement for online merchants and if so I think it will take off.

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