Payments can be made using smartphone camera
Malauzai Software Inc., provider of mobile banking SmartApps for community financial institutions, is launching a mobile payment solution called Picture Pay that lets users complete payment transactions through the camera on their mobile device (view press release). The new functionality is in use by $4.3billion Texas-based First Financial Bankshares Inc.
The new payment solution, developed in conjunction with Allied Payment Network, enables users to complete payments in three steps. Firstly, they take a photo of the bill statement then confirm the amount to be paid before submitting the payment to the relevant financial institution. Optical character recognition (OCR) technology reads the data from the statement and built-in analytics confirm biller information.
“With Picture Pay, it takes seconds to send off a payment. This process also saves the financial institution nearly 40 per cent of the cost of a traditional Internet banking bill payment. Like most innovations in the mobile channel, it’s a win-win for the FI and its customers and members,” said Robb Gaynor, chief product officer and co-founder of Malauzai.
Users of Picture Pay can also rush payments for a fee. It also allows banks and credit unions to offer the service in addition to Internet banking bill pay.
Whitepapers
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