Javelin Strategy & Research Outlines Mobile Billing Opportunity
San Francisco, CA, October 30, 2013: Although still in its infancy, paying bills on mobile devices is primed to grow rapidly with over 12.5 million Americans already using mobile bill pay. Javelin Strategy & Research released How Mobile Can Open the Door to $2.1 Trillion in Bill Payments report which sizes the current flow of dollars through the bill-payment market, including the breakdown of online, mobile, and offline payments. The report provides an 11-point analysis of what consumers desire when paying their bills, identifies banks with market-leading adoption, and maps out strategies for upgrading and marketing the bill-payment process.
The first wave of consumers already is typically pulling out a smartphone or tablet to pay, and mobile bill payments are primed for rapid growth.
Javelin estimates Americans pay $2.1 trillion annually to pay seven bills that are central to a consumer's day-to-day living and form the foundation for a deeper borrowing relationship: major credit cards usable anywhere, store-branded credit cards, utility bills, mobile phone bills, mortgages, vehicle loans, and student loans.
More than 140 million Americans are ripe for mobile bill payments, with one-third representing new users of bill payments at their bank or credit union. Javelin created an 11-point analysis of what consumers' desire when paying bills, and compared it against the competitive landscape based on consumers' perceptions of the capabilities of FIs, billers and third-party players.
"A wide range of companies have much to gain if they can stand out among mobile bill-payment providers. That starts with FIs that want to be the centerpiece of customer payments and jolt flat-lining growth in online bill payment, and billers that are seeking more efficient ways to collect payments and maintain direct contact with customers," said Mark Schwanhausser, Director of Omnichannel Financial Services at Javelin Strategy & Research. "But it also extends to bill-payment innovators such as Bill.com, Check, Doxo, Manilla, Simplee, Volly, and Zumbox that are seeking to gain a foothold in a huge market ripe for disruption, as well as companies serving the underbanked, mobile wallet providers, and technology vendors."
The report How Mobile Can Open the Door to $2.1 Trillion in Bill Payments provides a marketing sizing of bill-payment through online, mobile, and offline bill-payment volume and evaluates banks with market-leading adoption and strategies for upgrading the bill-payment process. It is based on two online surveys of more than 9,000 consumers.
Related Javelin Research
- How to Build Better Online and Mobile Bill-Pay for the Underbanked
- 2013 Online Banking and Bill-Payment Forecast: 29 Million Holdouts Primed for FI Bill Pay
- 2013 Gang of Five: Apple, Google, Amazon, Facebook and Ebay's PayPal: Threat of the Mobile Wallet Disruptors
About Javelin Strategy & Research
Javelin Strategy & Research, a division of Greenwich Associates, provides strategic insights into customer transactions, increasing sustainable profits for financial institutions, government, payments companies, merchants and other technology providers. Javelin's independent insights result from a uniquely rigorous three-dimensional research process that assesses customers, providers, and the transactions ecosystem.
Media Contact
Nancy Ozawa
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