WyWallet: Mobile Payments get a Boost in Sweden
The meaning of progress in the mobile payments game
The idea that “going mobile” has opened new doors for merchants and marketers while making life more convenient for end users isn’t really a point of debate. When it comes to the relatively complex mobile payments arena, however, the variety of business and infrastructure arrangements required to bring innovations to market mean that progress can take several forms. SMS payments, in-app payment and a hotly anticipated tipping point for NFC payments are just a few examples of this. Right now, in Sweden, the WyWallet platform is set to improve and simplify mobile payments to a new degree. Notably, it does away with the spending limits that have traditionally characterized mobile payments, so industry watchers are rightly intrigued.
A new platform, a new model
WyWallet exists because each of Sweden’s four major mobile operators recognized that they would all benefit from a truly unified, cross-network mobile payments solution. In defining WyWallet’s features, they set an ambitious standard in terms of platform flexibility for merchants, VAS providers and end users. A handy summary:
Payment actions – accommodating feature phone, smartphone and even desktop Internet users
- SMS payments
- in-app payments (including NFC at participating merchants!)
- web payments
Payment methods – three options for end users; one widened revenue stream for merchants
- direct operator billing
- credit card
- WyWallet invoice
Per-customer spending caps – higher limits mean a wider variety of supportable transactions
- 2500 SEK (ca. €300) per transaction for digital goods/services
- 840 SEK (ca. €100) per transaction for non-digital goods/services
- 5000 SEK (ca. €600) per day
The flexibility provided by these features has flung open the doors to purchases beyond VAS or public transport tickets. Never before have buyers and sellers been so comprehensively connected.
WyWallet for merchants and VAS providers
Whether a business sells sports equipment, pedicures or SMS-based gaming services, WyWallet provides web-based and in-app payments directly. To receive SMS payments, however, businesses need to work with a certified WyWallet aggregator partner like NTH Mobile, which can furnish shortcodes. As with other mobile gateway services, this arrangement frees operators – or in this case WyWallet itself – from having to maintain lots of direct premium SMS service relationships with third parties.
WyWallet for mobile subscribers
WyWallet was conceived with the end user in mind, enabling no-fee purchases and low-fee (currently 1 SEK or ca. €0.12) P2P transfers. Users simply register via SMS shortcode, free mobile app or the WyWallet registration webpage; once they set and confirm their preferred payment method, they can use SMS, the app/widget or the WyWallet website to make payments. SMS payment is not only practical for VAS, but it’s also convenient for other purchases; registered end users need only send a merchant-specified order code to an operator-independent shortcode, and their WyWallet accounts are charged the given price.
NTH Mobile completes the circuit
As a business arrangement, WyWallet represents an enviable yet apparently replicable model. The main challenge lies in consensus-building between teams of rivals (in this case, competing mobile operators in national markets). Technical arrangements notwithstanding, it’s then just up to merchants and VAS providers to get on board (which they clearly have the incentive to do). NTH Mobile has been in the mobile payments business for over 10 years, and in Sweden we’re now a certified WyWallet aggregator partner. If you’re interested in mobile commerce generally – or in tapping into the Swedish market that WyWallet is helping to expand – we invite you to get in touch for more information.