Fiserv, a provider of financial services tech solutions, is helping organizations with changing consumer payment preferences by enabling customers to receive and pay bills on mobile. A new solution called Mobile Bill Presentment allows users to digitally present a bill in a mobile wallet while also supporting alerts which increase payment speed by reminding customers to pay early or on time.
Mobile Bill Presentment is branded with the user-company’s logo and color scheme. Bills are automatically updated in the enrolled customer’s mobile wallet during every billing cycle and include a link to pay the bill.
“People are using their mobile wallets to store and access boarding passes, concert tickets, store discounts, and loyalty rewards, in addition to using them to pay at major retailers,” said Rob Houser, senior vice president, Product Management & Strategy, Biller Solutions, Fiserv.
“With continued growth in all things digital, people expect information to be one tap away, and this includes access to their bills. Mobile Bill Presentment accommodates this growing expectation and lets companies put their customers’ bills where they want to pay them — on their smartphones.”
More benefits of Mobile Bill Presentment
Customers can benefit from a simple billing experience on a device they use every day with no app to download.
Companies benefit from greater payment speed, lower operating costs, and an integrated solution that simplifies the billing and payment process while fostering deeper customer engagement, the company says.
According to recent Pew research, 77 percent of all Americans and 92 percent of millennials own a smartphone. The Expectations & Experiences consumer trends survey from Fiserv, conducted in November 2018, found that the most common activity when visiting a biller’s website via a mobile platform is paying a bill.
Mobile phone bills and credit card bills are those most often paid by smartphone.