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Picture Pay Shows Strong First-Year Growth
AUSTIN, Texas (11/20/13)--Picture Pay, a mobile photo bill payment application from Mitek, Allied Payment Network and Malauzai Software Inc. has seen 17% month over month increase in active end-users and 13% monthly growth in the number of items processed since its launch in November 2012, the companies said.
 
The companies also reported that 5% of active mobile banking users employed the feature in the first 90 days after its launch. That is above the usage figure of 3.5% for standard bill pay on the mobile device. 
 
Picture Pay allows users to complete a payment in three steps: Take a photo of the bill statement, confirm the amount to be paid and submit the payment to the financial institution.
 
The application packages Mitek's patented mobile imaging technology and Allied Payment Network's payments processing capabilities inside the Malauzai SmartApp to provide account holders with a convenient way of paying bills through the mobile channel while giving banks and credit unions a more cost efficient alternative to traditional Internet banking bill payment offerings.


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