bankingciooutlook

Why Mobile Payment is a Necessity

Banking CIO Outlook | Monday, June 22, 2020

Mobile payment can streamline transaction processes and improve the payment experience for the customers.

FREMONT, CA: Utility bills make up almost a quarter of all bills that consumers pay per month. Switching from conventional means of bill payment to digital and mobile billing can offer several benefits to utilities as well as customers.

Digital payment is fast, and with just one click on a mobile device, an impending bill can be accessed and paid. Such mobile payment offerings are convenient, enabling utility consumers to view and pay their bills 24/7/365. Moreover, digital payment is simple. With digital wallets offering and mails reminders for when a utility bill is available, it is convenient for consumers to pay their monthly utility bills on time. So, utility providers need to emphasize convenience, speed, as well as simplicity while designing a mobile payment platform. By turning bill payment less of a burden, mobile payments can make the lives of the utility consumers’ easier. Such an enhanced customer experience enhances the prospects of customer retention too.

Utility consumers sometimes prefer conventional ways when it comes to paying bills. Such customers might have received their utility statements in the mail, yet they will always send back a check. Their paper statements often act as a physical reminder, and this paper trail provides them peace of mind. To make these consumers move from paper to digital, utility providers need to remove barriers to adoption by providing easy opt-in options for paperless billing and online payment via email communications. Utility providers can also educate their customer service representatives to enlist a consumer in paperless billing.

Mobile payments are evolving quickly. This is making various utility providers step into digital payment options and enable consumers to pay with their phones.

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