In the last post, I outlined a number of notable trends in
consumer behavior related to bill payments. Since ease of use and
simplicity will be critical, we believe that Mobile Photo Bill Pay is a key
innovation. The product concept is simple – take a picture of your bill,
and it is paid. Or you are enrolled in e*bill. Your choice.
No fat-fingering. And it is optimized for smartphones or tablets – using
the device that is already in your purse.
To push the industry forward, NACHA has developed a standard
for using QR codes on bills to encode all of the information necessary to pay
the bill, or enroll in e*bill. Mitek is pleased to be a participant in
the testing of that standard.