VerityPay enables SMS integration for B2C payments

According to officials, by introducing VerityPay to the market, the company aims to simplify and expedite the B2C payment process. The platform enables digital wallet transactions in a B2C format for any type of payment by only using a cell phone number. VerityPay developed the feature for consumer-facing businesses in the utilities, insurance, healthcare, and telecommunications sectors, which currently process payments via paper checks.

The company launched the SaaS payment solution during a period when consumers are starting to increasingly rely on electronic wallets due to their convenience and security. With VerityPay’s patent-pending SMS integration, businesses can transfer funds and complete payments without requiring app installations, QR codes, or payment cards, with the transactions being secured with encryption and authentication procedures. VerityPay’s objective is to provide businesses and customers with convenience, speed, and accessibility, with the technology facilitating simplified transactions that are fast and user-friendly. Some of the features of VerityPay include:

• SMS-enabled transactions, as businesses can initiate payments and fund transfers by sending an SMS;

• Direct electronic wallet integration, as VerityPay can connect to several digital wallet providers so enterprises can transfer funds by using a cell phone number;

• Improved security, with the platform employing encryption and multi-factor authentication to safeguard both senders’ and receivers’ financial data;

• Intuitive and simple interface that ensures that both consumers and businesses can easily navigate transactions, while also enabling enterprises to automate their payment process with verification of payment and audit trail.

With its technology, VerityPay intends to simplify transactions for businesses with a flexible, user-friendly solution for digital payments.

In recent years, SMS payments started to increase in popularity and usage as an alternative payment method. Considering that contactless payments became a necessity during the COVID-19 pandemic, many businesses and consumers began to conduct payments via SMS, with them being a simple way of transacting that didn’t evolve touching hardware or cash. According to an independent Weave research, 35% of customers were interested in paying by text, while 62% of the ones under the age of 35 would use this method frequently or always if they could.

Moreover, SMS payments are a practical alternative for customers as most individuals own a smartphone, and it can also support multiple payment types, including credit and debit card transactions, ACH payments, or digital wallet payments. Businesses also benefit from introducing SMS payments as they can be a feasible option to a traditional POS setup.

Source: Link