Migration of Online Payment Services to Tablets
The ability to access banking information whilst on the move ‘whenever you want’ and ‘wherever you are’ is a compelling proposition to most banking customers. First came the branch with its restricted opening times and customer queues, next came the ATM (available 24/7, but restricted to physical locations and still with queues), then came online banking available at home, in the office or at the Internet café. Now we have the `fourth screen’ – the mobile device, giving bank customers all the flexibility that online banking offers but with the added advantage of true mobility. ‘Pull’ Services or MBPP (Mobile Bill Payment and Presentment) is the mobile version of EBPP (Electronic Bill Payment and Presentment); or in other words transactional banking. As in remote purchases of physical goods, remote banking is displaying organic growth and there is a marked migration of usage from desktop to mobile and nomadic channels, and to the tablet in particular. As consumer tablet adoption continues to rise, there will be significant migration of purchasing and transaction activity from laptops and desktops to tablet devices. Indeed, the development of the ‘couch commerce’ trend within the payments industry will be increasingly replicated within the banking industry. Online payments now accounts for a significant proportion of all bill payments, especially in developed markets. This means that BPP (Bill Presentment and Payment) transactions will increasingly migrate from the desktop towards tablet devices. Plus, it is a fact that consumers often prefer managing bill payment and transactions via tablet devices compared to smartphones. Consequently, our recent research found users of transactional tablet banking services will reach almost 200 million in 2017, representing approximately 19% of total mobile banking customers in 2017. However, with banks bundling MBPP services within their mobile banking platform and additional momentum from easy to use smartphone apps, mobile phone transactional banking usage will quickly increase.