Fiserv tweaks billing tech to address U.S. smartphone penetration
Fiserv is supporting mobile bill presentment in to meet a growing demand for receiving and paying bills through smartphones, which are now nearly ubiquitous in the U.S.
The service, Mobile Bill Presentment, also supports mobile alerts and notifications, which can increase payment speed by reminding consumers to pay their bills.
The mobile bills are automatically updated in a customer’s enrolled mobile wallet during every billing cycle and include a link that can be used to pay the bill. The bill presentment service does not require consumers to download a separate app, but uses the pre-existing wallet of a customer’s smartphone.
“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. With continued growth in all things digital, people expect information to be one tap away, and this includes access to their bills," said Rob Houser, senior vice president of product management and strategy for biller solutions at Fiserv, in a press release.
Fiserv hopes to capitalize on the widespread consumer adoption of smartphones, citing a Pew Research study that found 77% of Americans already own a smartphone and 92% of millennials.
Fiserv is one of the largest electronic bill pay and presentment companies in the U.S., a result of its 2007 acquisition of CheckFree, which at the time served 21 of the top 25 banks and was processing over a billion transactions a year. Fiserv has agreed to acquire First Data for $22 billion in a deal that's expected to close in the second half of 2019.