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Mobile banking app provider Malauzai Software is launching a new mobile solution that makes paying bills as simple as taking a picture. The company said its new Picture Pay app is a standalone mobile payment solution that lets users pay their bills by snapping a photo of the bill statement with their smartphone camera, confirming the amount to be paid and submitting the payment to their bank or credit union. The optical character recognition technology within the app reads the data and confirms the biller's information.
"A surprising number of people do not use online banking bill pay because of the time it takes to set up billers," said Robb Gaynor, chief product officer and co-founder of Malauzai. "With Picture Pay, it takes just seconds to send off a payment."
Malauzai said the Picture Pay app can be used by financial institutions to encourage adoption of mobile banking since it eliminates the need to enter bill-pay setup information. Picture Pay was developed by Malauzai in conjunction with Fort Wayne, Ind.-based Allied Payment Network. It is currently being tested by First Financial Bank in Texas.
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