AUSTIN, Texas--Mobile Picture Pay, a new service that lets end-users take pictures of bills to make payments, showed "impressive" results in April, according to a new study from Malauzai Software, Inc.
Malauzai, a provider of mobile banking SmartApps, said data from its Monkey Insights service for April and based on 94 banks and CUs encompassing 1.1-million log-ins for 85,000 registered mobile banking users, found:
*With Mobile Picture Pay, 5% of active end-users have used the feature in the first 90 days of launch.
* End-users are making 1.57 Picture Pay payments per month.
* The average payment size for Picture Pay is $151, about 40% less than standard bill pay.
* End-users are increasing by more than 50% month-to month.* iOS end-users average payment size is 25% higher than their Android counterparts.
* iOS end-users are making payments at a 25% higher rate than Android users.
* 12% of payments are "pay-again" - meaning the end-user does not take a new picture but pays an existing biller.
'Revenue Opportunity'
* iPad end-users are outperforming iOS and Android end-users with all metrics increased by more than 50%.
Malauzai said revenue is being generated as well, with Expedited Picture Pay payments accounting for approximately 3% of overall payments and growing. The company said this creates a revenue opportunity for a bank or credit union to charge a convenience fee when the payment is made immediately, usually within one to two days. Expedited payment fees vary by institution.
Picture Pay's image acceptance rate is improving and already is working better than Mobile Check Capture. Malauzai said 67% of pictures are processed successfully for Picture Pay, compared to 52% processed successfully for Mobile Check Capture.
