MUSKEGO, Wis. (6/10/13)--Paying bills by snapping a photo is on the rise, surpassing even mobile bill pay in some institutions, according to a partner of Muskego, Wis.-based Corporate Central CU.
Corporate Central's Mobile SmartApps partner, Malauzai Software Inc., is processing more Picture Pay transactions than mobile bill pay, said Robb Gaynor, Malauzai chief product officer. He noted that 5% of its active end-users give Picture Pay a try within 90 days of a financial institution's launch of the service.
The corporate's Mobile SmartApps has features that allow members to easily check balances, review transaction history, make internal transfers, pay bills, turn on/off debit cards, and deposit checks remotely by photographing the front and back of checks with their mobile devices.
Malauzai conducted a survey of mobile banking application usage in April at 94 financial institutions with more than 1.1 million logins for 85,000 registered mobile banking users. Its findings:
End-users are making 1.57 Picture Pay payments a month;
The average payment size is increasing 50% month to month;
About 12% of payments are "pay-again," where the user does not take a new picture but pays an existing biller;
iPad end-users are outperforming iOS and Android end-users with all metrics increased by more than 50%; and
Image acceptance rate was 67% for Picture Pay transactions, compared with 52% for another remote capture product.