- Leading Cable, Telecom and Media company first in production
- Solution accelerates collection of accounts receivable for 7 common monthly bills; major credit cards, store-branded credit cards, utility bills, mobile phone bills, mortgages, vehicle loans, and student loans
- Available for mobile web and native apps
San Diego, CA – January 29, 2014 - Mitek (NASDAQ: MITK), the leading innovator in mobile imaging for financial transactions, today announced Mobile Photo Payments, the first mobile payment solution that enables consumers to pay their monthly bills directly with a snap of the camera. Designed for large organizations that send paper bills, Mobile Photo Payments accelerates payment collections while providing an engaging and fun consumer experience. Mobile Photo Payments is now in production at one of the nation’s largest cable, telecommunications and media companies.
In a recent report, How Mobile Can Open the Door to $2.1 Trillion in Bill Payments, Javelin Strategy and Research cited rapid adoption of mobile bill payments, with 12.5 million Americans making $36 billion in mobile bill payments on their mobile devices annually. This volume is expected to grow rapidly as consumers increasingly turn to mobile devices to manage their finances, and as awareness of mobile bill-payment capabilities grows.
With Mobile Photo Payments, consumers can for the first time easily make a mobile payment by taking a photo of their bill and a check or credit card using Mitek’s patented smartphone or tablet intelligent imaging technology. This is a win-win for consumers and billing companies. All data is extracted from the documents so no data entry or log in is required of the customer to make a payment. For the biller, this mobile payment solution accelerates collection of accounts receivable and moves payments to the low cost mobile channel.
“Any large service organization that sends paper bills to consumers can leverage a consumer experience that is already familiar to over 20 million Mitek Mobile Deposit users,” said James B. DeBello, president & CEO of Mitek. “Offering an engaging mobile bill payment solution that doesn’t require customers to login or do tedious data entry removes consumer friction and optimizes the mobile channel for direct payments.”
Mitek’s Mobile Photo Payments can be delivered via mobile web or in a native iOS or Android app. It is part of a suite of mobile imaging solutions enabling financial transactions.
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Headquartered in San Diego, CA, Mitek (NASDAQ: MITK) is the leading innovator of mobile imaging for financial transactions. Mitek’s patented mobile photo technology automatically captures images of personal and financial documents and then extracts relevant data. This enables consumers to use the Camera as a Keyboard™ to reduce friction for mobile check deposit, account opening, bill payment, insurance quoting, and many other use cases. This innovative technology is licensed by more than 1,400 organizations and used by tens of millions of consumers enabling increased customer acquisition, retention and operational efficiency. www.miteksystems.com
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