Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Products
Corporate Central: Picture Pay Surpassing Mobile Bill Pay
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.


RSS





print
News Now LiveWire
.@CUNA has written to @RepBlainePress and @BradSherman to express support for a privacy notice bill expected to be introduced today.
10 minutes ago
.@AEAFCU,which operates under conservatorship of @TheNCUA, reports improved financial performance for 2014. Release: http://t.co/AUvBLXtQt0
15 minutes ago
5 MI #CUs named @101Best list for 2014 @ConsumersCU @DFCUFinancial @LMCU @michiganfirstcu @msufcu #101BB #NewsNow http://t.co/o680Rtpdsv
33 minutes ago
2015 #GAC Crashers represent all 50 states, D.C. #creditunions http://t.co/VqaHltZaD4
1 hour ago
Value of a hacked email? #Cyberthieves netted $215M from businesses, says @FBI, via @briankrebs http://t.co/spGEORecj3 #stopthedatabreaches
1 hour ago