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Impact of SMS in P2P and Fintech

- 5 MIN READ - 04 Dec 2015

A2P messaging is steadily growing among FinTech and P2P industries as they use it in various service processes. The key growth driver for the global A2P SMS market is the increasing number of businesses who are starting to use transaction and post-transaction confirmation notifications and security based one time PIN codes (2-step verification).

Based on our experience with P2P platforms and FinTech companies, these are most common ways SMS messages are used in the service process.

Fraud prevention with 2-step verification

Two-step authentication as a best practice means protecting against fraud, hacking, and data loss. Delivery of quickly expiring, one-time PIN codes confirms that the person having the passcode is the one attempting to access your service.

Hello! Your pin code is: XXXXX”

Transaction confirmations with PIN codes

When service users attempt to finish higher risk transaction (i.e. approving loan applications) then system will send one-time PIN codes for confirmation.

Hello! Your pin code is: XXXXX”

Onboarding new users

When new users sign up for your service, the system will send a welcoming SMS message with most relevant service information and contact details.

Hi Kevin! Nice to have you with us. If you need help or have any additional questions feel free to get in touch with our customer service via XXX-XXX-XXX ”

Nurturing inactive users

When registered users are inactive for some period of time, then the system will send a reminder message.

“Hi Kevin! We haven't seen you for a while. If you need help getting started or have any additional questions feel free to get in touch with our customer service via XXX-XXX-XXX ”

Loan application accepted or declined notifications

When user requested loan applications get approved or declined, the system sends notification messages with call for action information.

Hi Kevin! Your loan application is accepted! Please log in to your account to confirm it. If you need help or have any additional questions feel free to get in touch with our customer service via XXX-XXX-XXX ”

Payment remainders

Reminders for users who have forgotten to pay monthly payment. Also sending pre-reminders messages with upcoming payment date.

Hi Kevin! Your current overdue payment is 71,24€. Please repay the debt as soon as possible. If you need help or have any additional questions feel free to get in touch with our customer service via XXX-XXX-XXX ”

Marketing

New customer acquisition or campaign based marketing messages for the new prospective borrowers. 

Hi! Loans from 1K to 10K. Check if you qualify on your mobile in 30 secs: shorten URL address. Rates from 5%. opt-out: shorten URL address. If you have any additional questions feel free to get in touch with our customer service via XXX-XXX-XXX ”


Kaur Virunurm

Kaur Virunurm - Key account manager

Kaur deals with business and sales analysis at Messente. He likes to help key customers in optimizing messaging activies. He also is open minded entrepreneur who loves lean tech startups, fixie bikes, active sports and Jack Russel dogs.

Have you met 1oT? Mobile data connectivity for IoT companies.

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Last week, Lauri wrote a good piece about keeping things real, because businesses have simple business models at their core. As one of our values, simplicity has led Messente to build a reliable and powerful SMS API and user authentication API for businesses and brands to communicate with their customers globally.

While we pride ourselves in doing global A2P SMS and 2FA very well, one of our sister companies, 1oT, uses a similar methodology of simplicity to do global internet of things (IoT) and machine-to-machine (M2M) connectivity really well.

Yuriy Mikitchenko

Yuriy Mikitchenko

A note on keeping things real

17 Apr 2018

Over the years, I've had the good fortune of talking to and doing business with many entrepreneurs and CEOs from a variety of industries. Some are first-time founders of small startups, while others are amazingly experienced serial entrepreneurs. Many of them are extremely successful in what they do.

So naturally, while listening to them talk about their businesses, I've always tried to spot any fundamental takeaways –the small drops of universal business advice distilled from those hundreds of conversations.

And it seems to me that a lot of the most profound business truths seem to point to a direction that I would call, "keeping it real.”

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10 Apr 2018

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