For people in emerging markets like South Africa to buy online, they pretty much have to use a bank card of some sort. And while fraud, online security and chargebacks all add to the difficulties that both consumers and merchants experience, there are many companies and startups trying to crack the mobile payments industry. This is simply because many more people are browsing content rich ecommerce websites on their smartphones.
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But recently someone asked me: why not simply let people buy via SMS? If I wanted to pay for a R100 t-shirt online, I should be able to SMS a string of text or codes and pay for it.
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