Short code
From Innopaydia
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Shared
An abbreviated number used for SMS services. In most cases a four digit number, for instance 4777, 4999 or 2020. Advantages of a short code: it is easy for the user to remember, there is a large reception capacity and it allows for premium SMS services. Using keywords several services/customers can use the same short code.
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Dedicated
A short code that is not shared with other services or customers. This is only (commercially) interesting at high volumes or large numbers of services.