Nearly 90% of the U.S. adult population has a mobile phone and more than 108 million Americans have an Internet-enabled smartphone, according to a new Federal Reserve study, Consumers and Mobile Financial Services 2013.
For credit unions, providing new mobile banking services and in particular, alternative payment offerings such as mobile photo bill pay must be on their roadmap to ensure membership growth and increased revenue.
Read more from the Payments Focus Report:
|- Some Small Businesses Resist Switching Channels
- Small Businesses Crave Tailor-Made Payment Offerings
Mobile photo bill pay uses the same underlying mobile imaging technology as mobile deposit, utilizing the smartphone camera to enable consumers to quickly and easily add a new bill payee and schedule or pay a bill by simply taking a picture of their bill or remittance coupon.
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