| Website | danalcorp.com |
| Category | Mobile/Wireless |
| Phone | 408-232-3300 |
| Employees | |
| Founded | 6/06 |
| Series A, 6/07 Morgenthaler Ventures | $9.5M |
BilltoMobile® is a company that offers consumers the ability to safely charge online purchases to their mobile phone bill.
The company was originally Danal Co., Ltd., which is a public company listed on the KOSDAQ market in South Korea, which is credited with being the first provider of mobile payments globally. Paul Kim started the US subsidiary in 2006. Then in May 2007, the US business was spun out as BilltoMobile® via $9.5 million venture capital funding led by Morgenthaler Ventures, with Paul Kim as the Founder and CEO.
BilltoMobile® is different from other mobile payments companies in that it is the first company to successfully sign a major mobile carrier (Verizon, May 2009) in the US with a fee structure to merchants that is significantly below that of premium SMS payments with a financial-grade system. BilltoMobile®’s service will be available to consumers in 2010.
| Website | danalcorp.com |
| Tags | mobile |
How it works:
When users surf merchant sites and wish to buy goods online, they select “BilltoMobile” as their payment option when they check out. They then input their mobile phone number and their own personal identification number (either their voicemail password or last-4 digits of social security number). A six-digit number is sent to their cell phones via text as a One Time Password. They enter this authentication code online, and see the charges in the next month’s wireless bill.
Danal boasts of the increased security of BilltoMobile compared to traditional credit card payment systems online. First, users must enter their cell phone number and a PIN/password; second, they must enter the One Time Password only they have access to. Also, users do not have to divulge their credit card information to any sites they visit.
