Insights into traditional bill pay vs. picture bill pay
New studies offer insight into traditional bill pay vs. picture bill pay across devices and consumer behavior.
The data released by Malauzai Software, as part of its monthly Monkey Insights, highlights key trends in internet and mobile banking usage based on April 2016 data for more than 360 banks and credit unions, covering seven million logins from over 400,000 active internet and mobile banking users.
Among the findings:
- Financial Institution Count – Approximately 3.7 times more financial institutions offer bill pay than picture pay. However, the statistics do not account for the overlap of banks and credit unions offering both picture pay along with traditional bill pay.
- Year over Year Growth – Picture pay growth is trending at 37 percent annually, and bill pay is growing at 48 percent. However, the monthly growth rate for picture pay users is a bit higher, at approximately 2.2 percent.
- Average Payment Value – Consistently across the two features, the average payment amount for iOS users (iPhone/iPad) is about 20-25 percent higher than Android counterparts.
- Average Usage Per Month/User – End-users are making an average of 3.158 picture payments a month compared to 3.501 bill payments per month. Even with 3.7 times more users, the number of bill payments per month per user is not significantly higher than picture pay.
“As more users shift to mobile only, financial institutions are realizing the need to offer multiple payment options across devices and leverage full payment functionality that is convenient and intuitive, like picture pay,” said Malauzai in reference to the findings. Read more at CU Today.