The Move to Mobile Bill Pay

Americans are slow to change the way they pay their bills but a recent report by Aite Group determined that mobile bill payments are expected to rise 376% over the next three years.

People that pay bills through the mail or in-person are expected to experience a decline in volume of roughly 6%. Mail bill pay volume is estimated to drop from 4.9 billion in 2010 to 4.6 billion in 2013, while the volume of mobile payments is projected to grow to more than 43 million units to 207 million units.

The method of payment will change as well. Paying bills by check is estimated to drop from 37% to 33%.Cash is expected to drop 4% and money orders are projected to decline by 7%. Aite Group acknowledges that consumers do not like to change their ways when it comes to bill paying, with 70% of the people surveyed as having not changed anything about their bill paying in the last 2 years.

The explosive adoption of smart phones is expected to be a big driver for people to move to mobile bill pay. Roughly 50% of the overall population will be smart phone users in the next few years. These users are expected to mirror their bill payments with increased use of the phone. This seismic change in the way Americans pay their bills has caught Mitek’s eye, as they recently launched a product called Mobile Photo Bill Pay, which allows smartphone users to snap a picture of a bill and pay it instantaneously.

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