By: Joe Gillen
As the mobile banking revolution continues to take shape, conducting transactions solely via smartphones may one day be considered a thing of the past. Many consumers are now also utilizing various types of mobile technology to perform basic banking functions, including tablets and iPads. It is expected that as more consumers lean on these devices, as well as their smartphones, they will help fuel the drive toward full-scale mobile banking adoption.
The results of a recent Juniper Research study, reported in Billing World, found that roughly one in every four tablet PC users will use the device to pay their bills by 2017. As more people begin to use the tablet, the number of individuals who use the technology for banking purposes is projected to increase to 200 million during this time period, and make up roughly one-fifth of of total mobile banking customers. This is compared to only 9 percent of transactional tablet banking users in 2012, Billing World reports.
The shift toward mobile banking via tablet may be due in large part to ease of use when it comes to mobile bill presentment and payment (MBPP), the study found. Trying to key in information via small keypads and touch screens on smartphones can be challenging, and tablets provide more convenience for individuals who need to type in account numbers and personal information.
"With online payments accounting for a significant proportion of all bill payments, especially in developed markets, BPP transactions will indeed migrate from the desktop towards tablet devices," said report author Nitin Bhas, according to the news source. "Consumers often prefer managing bill payment and transactions via tablet devices compared to smartphones."
Will tablet popularity remain once PicturePay is introduced?
A recent American Banker article noted that smartphone cameras will become instrumental in resolving some of the issues associated with paying bills via smartphone - namely the difficulty in typing in several pieces of information. For this reason, many people may have turned to tablets as a solution. However, some banks have already unveiled PicturePay features that do away with the need to type in information PicturePay allows customers to photograph their bills and text the images to their banks for payment. As this feature becomes more popular, some bank consultants and industry analysts argue that smartphones will continue to take center stage when it comes to all mobile banking transactions.