AUSTIN, Texas–A new analysis offers some insights into traditional bill pay vs. picture bill pay across devices and consumer behavior.
The data was released by Malauzai Software as part of its monthly Monkey Insights “little-data” report, the report where an overwhelming amount of big data surrounding mobile banking and Internet banking is broken up into digestible analytic “factoids.”
The report highlights key trends in Internet and mobile banking usage based on April 2016 data for 360+ banks and credit unions, covering seven million logins from 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% annually, and bill pay is growing at 48%. However, the monthly growth rate for picture pay users is a bit higher, at approximately 2.2%.
- Average Payment Value. Consistently across the two features, the average payment amount for iOS users (iPhone/iPad) is about 20-25% 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, FIs 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 a statement. “At the rate it’s currently growing, picture pay user adoption is on pace to surpass usage of traditional bill pay. Picture pay can be used as a standalone solution to mobile and online payment needs, or even in conjunction with traditional bill pay.”