One Year in, Picture Bright for Photo Bill Pay Service (Nov. 19, 2013)
One Year in, Picture Bright for Photo Bill Pay Service
Photo bill-payment service Picture Pay has gotten off to a strong start in its first year of operation, increasing its number of users by 17 percent month-over-month while seeing a 13 percent monthly growth in the number of bill payments processed, the company said this week. Launched in November 2012 by mobile imaging software provider Mitek Systems and Allied Payment Network, Picture Pay enables users to complete a payment by taking a photo of a bill statement and submitting the image to the financial institution that processes the payment. In its first year, Picture Pay has inked deals with 15 FIs, including Lubbock, Texas-based City Bank Texas.
Overall, 5 percent of active mobile banking users with accounts at Picture Pay client FIs opted to use the service within the first 90 days it was available to them, beating out the 3.5 percent average for standard bill pay on a mobile device. “Account holders are showing they are just as excited about paying a bill through the mobile channel as they are about whopping $2.1 trillion, according to a recent report from Javelin Strategy & Research.