By Telecom
Lead Team: Mobile photo bill pay adoption could reach 33 percent among adult
U.S. consumers by 2018 and result in 1.4 billion bills migrating to the mobile
payment channel, according to AlixPartners.
Mobile Photo
Bill Pay (MPBP) is an image-based mobile banking application that offers
consumers greater simplicity and choice in paying bills and enrolling a new
payee.
Through MPBP,
consumers with a camera-equipped smartphone or tablet simply take a picture of
a bill coupon and its advanced imaging technology automatically extracts
relevant information from the paper bill and auto-populates the fields required
to make a mobile payment. The consumer then schedules the payment and clicks
“pay.”
The imaging
capability gives consumers a new bill payment option via a mobile device. They
can quickly add a new payee to their online bill pay, pay one-time or
non-recurring bills, and set up recurring bills and payments from anywhere at
any time.
The ability to
add a new payee with a mobile device is a key competitive advantage over
existing mobile bill pay applications.
“As
mobile banking applications have increasingly become ‘table stakes,’ it is even
more critical for financial services providers to understand which new
applications are truly value-added and should become a part of their core suite
of mobile banking offerings,” said Bob Hedges, managing director at
AlixPartners and co-lead of the firm’s Financial Services Practice.
MPBP offers
great opportunities for financial institutions seeking to leverage their
existing bill pay platforms, drive increased usage, expand their mobile banking
offerings, and address consumer needs and demands for increased convenience.
