Around USD 100 million in mobile bill payments have been processed by TIO Networks, since it launched its payment platform last year (view press release). The company claims that continued growth in mobile resulted in a record number of transactions for August. More than a third of American smartphone users claim to use their phones for online banking services such as bill paying, according to a recent report by Pew Researchers. The study also found that 65% of experts agreed that mobile payments will be widely adopted by the mainstream public before 2020.
“North Americans are rapidly adopting mobile and becoming more comfortable than ever transacting online,” said Steve Barha, EVP of TIO’s mobile and web division. “In order to keep up with consumer demand, billers need to add convenient and affordable payment solutions. Mobile is an excellent platform for this.”