Study shows that by 2018, use of mobile photo bill pay in U.S. may reach 33 percent

Mobile Photo Pay

Mobile imaging solutions leader, Mitek Systems, has announced a new AlixPartners, LLP., research paper entitled “Consumer Market Outlook for Mobile Photo Bill Pay”, which looked into the latest payment market trends and which predicted that the use of mobile photo bill pay may reach 33 percent among American consumers by 2018.

If this is the case, then it could mean that by that year, mobile payment channels would receive the migration of 1.4 billion bills.

Mobile photo bill pay (MPBP) is a form of mobile banking app that is based on imagery and which provides consumers a larger amount of choice and ease for paying their bills and signing up as a new payee. MPBP gives consumers who have smartphones or tablets that are equipped with a camera, the ability to take a picture of a bill’s payment slip and through advanced imaging technology – for example, that which has been developed by Mitek – the device and app automatically draw the relevant data from the paper slip and populate the mobile payment fields.

All the consumer need do after that is schedule the payment to be made and click the “pay” button.

This makes it possible for consumers to make payments to a new bill by way of their mobile devices. It is fast and easy for them to add a new payee to their list of bills to be paid online. They can also choose to have that payee to receive the funds one time or on a non-recurring basis, as well as choose to have bills paid on a recurring schedule. These payments can be made at any time, no matter where the individual may be.

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