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Bill payment is a core financial activity for U.S. consumers, amounting to more than $4 trillion divided among a variety of methods from banks’ and billers’ websites to mail and walk-in cash payments. Third-party bill payment service providers are a small but growing force targeting younger adults with mobile apps that centralize bill management in a single location.

Though financial institutions with online bill payment services still command the largest share of the bill payment market, it’s a category with many friction points ripe for disruption.

Mobile payment technology is creating new bill payment options. Along with improved mobile access, consumers may opt to receive reminders and notifications and more control over the timing and mix of available payment options.