Who’s Paying Bills via Smartphone?
Paying bills by smartphone is skyrocketing! Also known as Mobile Bill Presentment and Payment (MBPP), more and more consumers are turning to smartphones to conduct financial transactions through mobile-optimized websites, mobile apps and SMS text.
Reasons for the increase in mobile billing:
- Smartphones are readily available and used by all generations
- Consumers are embracing the digital mobile lifestyle
- Consumers are comfortable with mobile apps
- Improved security
- High customer satisfaction rates
- Quick and easy transactions
Consumers are looking for more choices in billing. Almost 75% of consumers believe that multiple payment options are important. As of this year, more than 50% of U.S. adults use smartphones as part of their mobile lifestyle. And 33% of non-MBPP users are interested in using their smartphone to pay bills.
Experts predict that 85% of bills will be paid via smartphone by 2016. As smartphones take an increasing share in the digital media landscape, billers need to take note and meet the customer demand.
Tell us what you think. Leave a comment with your thoughts on mobile billing and where you think we will be by 2016.