There is a real national love affair with mobile bill payments—both consumers and business owners have embraced this payment method. From 2011 to 2012, the dollar value of payments made on mobile phones and tablets increased from $105.9 billion to $171.5 billion, a 62 percent increase. Did you do any shopping last Black Friday? Of all the items sold on this hectic shopping day, 16.3 percent were purchased with a tablet or smartphone. Financial technology provider Fiserv Inc. reports that about eight million total households used their mobile devices to make at least one bill payment per month. 2012 witnessed a 41 percent increase in mobile payments by smartphone users when compared to 2011.
Mobile bill payers enjoy the time saving opportunity offered by mobile payments, the ability to access payments 24/7, and the convenience of paying bills on the go. There are four kinds of mobile solutions that really matter. One is Carrier Billing where consumers pay by text message and the charge is added to their bill. Another is Near Field Communications where consumers pay at point of scale by waiving their device in front of a terminal.
To learn about the other primary mobile solutions as well as other mobile payment options available to you, check out the infographic below presented by Merchant Warehouse.