The world's largest digital newsstand Magzter is today launching carrier billing as a new payment method for selling magazines on its platform in India. The carrier billing platform is provided to Magzter by the mobile payments company Fortumo. Thanks to the partnership, Magzter users can now purchase access to digital content by charging payments directly to their mobile phone bill.
“Magzter’s global reach requires us to offer the most convenient payment options to our international customers, and adding carrier billing could help users without credit cards to transact easily,” said John Paris, Vice President of Product for Magzter.
“One of the biggest challenges for digital content merchants in India is monetization. On one hand, smartphone ownership is growing very quickly. But at the same time, most new users do not have access to card-based payments to purchase online content. We are very happy to support Magzter by allowing any mobile phone owner to pay for content on their digital newsstand,” said Sanjay Sinha, head of Fortumo India.
According to data from the World Bank, only 4% of people in India have a credit card and 22% have a debit card. At the same time, more than 200 million people in the country already have a smartphone and the rate of smartphone adoption grew by 40% last year. This means a majority of the people going online cannot make purchases with traditional payment methods.
Fortumo’s carrier billing platform is available to 584 million subscribers of Airtel, Vodafone, Idea and Aircel in India. Carrier billing with Fortumo can be used by both prepaid and postpaid customers: the payment is either deducted from the account balance or charged to the customer’s monthly invoice. For digital content merchants such as Magzter, Fortumo has also developed a license management solution which can be used to give cross-platform access to digital content through a single payment.
Magzter Inc. is the world's largest cross-platform digital magazine store and newsstand with over 27 million digital consumers and more than 7,000 magazines from over 3,000 publishers. Headquartered in New York, Magzter has team members in London, Barcelona, Amsterdam, Mexico City, Chennai and Singapore and will soon be expanding to other countries.
Founded by global entrepreneurs Girish Ramdas and Vijay Radhakrishnan in June 2011, Magzter enables magazine publishers around the world to create and deliver digital editions of their titles to global consumers. Powered by its proprietary OREY Click Publishing® System that allows publishers to upload their magazines with a single touch, Magzter also enables them to publish interactive/audio-visual content in the magazine as it supports HTML5.