- Nilay Kumar
How to Boost Revenue via Simplified & Secure Direct Carrier Billing
The forecast for the direct carrier billing (DCB) ecosystem looks bright and sunny with the rise in mobile consumer adoption globally. DCB presents enticing growth opportunities for telecom companies. But great opportunities also come with great challenges.
In recent times, DCB witnessed a worldwide boom in many countries. DCB offers huge growth potential but in the end, it all boils down to the pros of utilizing DCB and ensuring security across the DCB ecosystem. Telcos who already hold good numbers of subscribers to ensure a rise in carrier billing. Digital content merchants can capitalize on credit/debit card-less payments, gaining more subscriptions moving towards next-gen entertainment services, and spread wings across their digital ecosystem.
Let’s dive a bit deep en route to ease up transactions via carrier billing.
DCB vs Mobile Wallets & Cards
Alongside mobile wallets and credit cards, offering DCB as a payment option provides the customer a convenient and trustworthy payment alternative. DCB doesn’t require any KYC or link to a bank account for payment.
The global DCB market was estimated worth around USD 32.23 billion in 2021 with an excellent CAGR of 9.34% and is projected to grow at a swift pace of around 10.10% between 2022-2032 globally.
The global DCB market competes with other payment services like Mobile wallet apps, credit cards, debit cards, and internet banking, thus posing a challenge to the growth of the DCB market. The online payment market is dynamic and undergoes various changes globally. DCB has the capabilities to lead a revolution in the payment landscape with faster checkout.
For users in order to carry out DCB payments, all they need is a device with a SIM card to make a payment. The low penetration or slower adoption of credit cards in emerging markets is what prompts swift methods for payment services thereby building a great demand for direct carrier billing services.
Carrier Billing Simplified Across Industries & Services
Carrier billing finds its utility across industries as new avenues are opening up which require more simplified and swift payment solutions. Consumption of digital content, gaming, digital commerce, and utility service payments are major areas where carrier billing is becoming the preferred mode to facilitate digital transactions.
Here are some areas where DCB is widely utilized around the world
Purchasing digital content such as music, videos, and e-books.
In-app purchases and subscriptions in the gaming industry
Digital commerce platforms
Payment of utility bills such as electricity, water, gas, etc.
For booking flights, hotels, and other travel-related expenses
Each and everything could be subscription based and billed on a mobile bill. The prospects are limitless. The globally rising number of consumers for digital goods and services is expected to significantly drive the growth of the global DCB market.
For instance, if you want to watch a movie rather than subscribe to OTT just for that all you need is to buy now or rent and debit payment to your monthly mobile bill. Convenience is the key market driver.
Perks of Carrier Billing
Convenience: Direct carrier billing is a quick and easy payment method that eliminates the need for credit cards or other payment methods, making it a popular choice for consumers.
Wider Reach: Direct carrier billing can reach consumers who may not have access to traditional payment methods such as credit cards, increasing the potential customer base for merchants.
Reduced Fraud Risk: Direct carrier billing reduces the risk of fraud associated with online transactions as the billing is done through the customer's carrier network.
Increased Sales: Direct carrier billing can increase sales for merchants by making it easier for consumers to make purchases and reducing the friction in the checkout process.
Simplified Billing: Direct carrier billing simplifies the billing process for consumers by adding the cost of the transaction directly to their monthly mobile phone bill.
Improved Customer Experience: Direct carrier billing can improve the customer experience by providing a fast, seamless, and secure payment method that is available on mobile devices.
Security concerns in DCB Ecosystem
Pluck the roses but beware of their thorns. The security aspect is a major thorn in the DCB ecosystem. The Swift DCB transaction process needs to be backed by a comprehensive anti-fraud solution providing a seamless authentication process across the DCB ecosystem. A stringent authentication process in place can mitigate risks to deliver a truly simplified and secure carrier billing process.
As payment service technologies become more extensively utilized, the value of the direct carrier billing platform market will continue to expand. Chart a new route to make carrier billing seamless and secure. Optimize customer experience and build on customer trust by deploying mFilterit’s DCB Anti-fraud solution to secure DCB transactions.
The mFilterIt DCB Anti-fraud solution ensures unparallel convenience which enables a fast, easy, and secure online payment flow. mFilterIt identifies frauds with a multi-level defense mechanism and creates a trustworthy and reliable DCB eco-system that generates higher Revenue.
DCB payments make it easier for people to pay for digital services in a frictionless way by simply using their mobile phone numbers subsiding the lengthy checkout processes and providing a smooth & secure mobile payment ecosystem.
Schedule a meeting with us to know more about the perks of plugging in our DCB anti-fraud solution in your consumer's transaction journeys.