Mobile Photo Bill Pay Adoption is High, But Transaction Values Are Not

by Bank Innovation

by. Philip Ryan

Mobile photo bill pay is seeing faster adoption than traditional bill pay, and is also beating traditional bill pay in usage on the smartphone, according to data from the mobile software development company Malauzai.

Robb Gaynor, chief product officer for Malauzai, told Bank Innovation that adoption of the company’s PicturePay product is already at 5% of end-users in just three months of existence, compared to 25% for person-to-person or P2P payments and 15% for remote deposit capture of checks. Both of these latter services have been offered for two years. Most important, traditional bill pay (i.e. not suing the smartphone camera) sees only 3.5% adoption on mobile.

Users make an average of 1.5 bill payments with PicturePay a month, and the amount of those payments is 40% lower on average than with traditional bill pay. This likely relates to the trust factor with a new technology, so users aren’t paying their mortgage bills with PicturePay. (Mortgage and mobile don’t seem to mix well, yet.)

Gaynor confirmed that Picture adoption is faster than traditional online bill pay was all those years ago. Malauzai will be sharing more information about this soon.

Malauzai recently integrated PicturePay into its traditional bill pay setup, including integration vendors. This signals a shift from the “camera-only” approach the company was taking late last year.

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