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Disrupting The Bill Pay Market: Innovations Create Opportunities To Upgrade The Exprience For All Participants

Disrupting The Bill Pay Market: Innovations Create Opportunities To Upgrade The Exprience For All Participants

Mastercard
Published by: Research Desk Released: Jun 12, 2019

For financial institutions and billers alike, bill pay transactions have been similarly complicated by a need to support varied payment types, the associated support expenses, as well as limited transparency. The market is due for a new bill pay solution to improve the customer experience and to help banks and billers capitalize on the opportunities to move the market toward more digital interactions. Innovation will also enable stronger engagement between financial institutions and consumers through bill pay services at a time when those relationships are fragmenting.

This research brief details the bill pay market’s problems and innovations by covering four areas:

– Recent trends in consumer bill payments

– The opportunities present in the current bill pay market

– The role of real-time payments in bill pay

– Mastercard’s role in market innovations through Mastercard Bill Pay Exchange