Mobile invoicing may be set to be the UK's newest casino depositing method. With more and more players searching for alternative methods of banking, casinos are constantly on the hunt for new ways to please their users. Most of you have probably heard of invoicing before: it's the process of supplying a consumer with a bill that can be paid before or after a transaction is carried out.
If both the consumer and the vendor have agreed the terms of an invoice, it is to be seen as legally binding to ensure payment. Mobile invoicing follows the same process, with the invoice being sent directly via text message or email. This method of payment has been highly successful in Scandinavian countries and may be rolled out in UK casinos very soon. Today we're looking at the ins and outs of the method, what advantages it has and how it poses a specific threat to Boku — the current leading mobile payment service in the UK.
What Is Mobile Invoicing?
Mobile invoicing is simply the service in which a casino, or other retailer, can bill you at a later time via mobile. Mobile invoicing works by the player entering their phone number, and their social security number. The player will then be credit checked, and if all is good, they can start playing straight away. An invoice is then sent by SMS, with the amount of the transaction, and the due date for repayment.
It's a straightforward system, however it currently is only available in Scandinavian countries, due to the credit check process. If mobile invoicing comes to the UK, providers of the service will have to partner up with national banks to ensure that they can carry out identity and credit checks.
Paylevo is the main mobile invoicing service. Often referred to as Kriita, the company deal with the invoices and payments are made through them, as a sort of middleman. This makes the service secure for both the individuals making the deposit, as well as protecting the casinos offering this as a payment method.
Paylevo review your credit rating and set up a depositing limit, depending on your history, income and age. The maximum limit is normally set at €300, which makes it perfect for casino players, but this may be increased or decreased subject to your credit check results.
After the invoice is sent, players have 20 days pay it off. There is a late payment fee of €6, and players may also incur interest on any overdue loans. Mobile invoicing, therefore, is only recommended for players who can manage their money and can be certain they can pay back their invoice on time.
The Advantages Of Mobile Invoicing
One of the most obvious benefits of mobile invoicing is the ability to pay later. Mobile invoicing is effectively a short term loan, without the high interest rates usually found at payday loan companies. This means that players can continue enjoying gaming even when they're short of cash. Of course, this makes it very appealing to all sorts of different players.
Another advantage of mobile invoicing is that it means your payments are protected. As you don't pay for anything upfront, it means you have the chance to verify everything is correct before you hand over your hard earned money. This means that if a deposit goes wrong, for instance if you've been tricked by a rogue casino, you've got 20 days to sort out the issue.
Mobile invoicing is also an extremely streamlined process, taking just two minutes on average. You only need to supply two pieces of information (your phone number and your social security code), which means there's no fussing around with login details or long card numbers. The credit check should take around 3o seconds, and the deposit takes a maximum of one minute to process. Furthermore, as the invoice comes straight to your mobile phone, it's easy to keep track of payments and you can use the service wherever you are.
However, mobile invoicing is a huge personal responsibility. Users must be disciplined and restrained, only depositing what they can afford to. Paying your invoice in time is highly important, and deserves the same respect as a bank loan or a utility bill. Players need to be aware of their personal finances, and know what they're doing before considering mobile invoicing as a depositing option.
Why Mobile Invoicing Poses A Threat To Boku
If mobile invoicing comes to the UK, it would become major competition for the payment service Boku. Boku is a depositing service, which allows you to pay by phone bill. Payments are verified by SMS message, and the cost of the deposit is then charged to your monthly phone bill (or subtracted from your existing phone credit).
Boku is the leading direct carrier billing payment company, and is operational in hundreds of countries across the world. In the past few years, many casino players have made the switch to Boku from more traditional depositing methods, making it more popular than ever.
The reason why mobile invoicing poses such a direct threat to Boku is because it offers the same advantages. Many players choose Boku as it's quick, secure and allows you to pay later, however, these are all things that mobile invoicing offers too. For instance, a key benefit of Boku is the fact players don't need to share banking information with the casino.
Players simply need to enter their mobile number, which means they cannot be susceptible to internet fraud. This was a unique selling point of Boku transactions, but if mobile invoicing arrives in the UK it wouldn't be the only depositing option with this advantage anymore.
Luckily for the team over at Boku, they don't need to worry yet. Mobile invoicing isn't expected to hit the UK for another few years, and even then, they would need to get both UK banks and UK casinos on-board. Boku also has a legion of devoted users which may be hesitant to use a new method. Hopefully the two can coexist, creating plenty more great depositing options for all types of players, however we are definitely intrigued to see how mobile invoicing could potentially shake up the market.