AUSTIN, Texas -- Malauzai Software announced today the launch of Picture PayO, a mobile payment solution that enables users to complete payments via the camera on their smartphone or tablet mobile device.
The system, which was developed in conjunction with Allied Payment Network, allows users to complete a bill payment in three simple steps: take a photo of the bill statement, confirm the amount to be paid and submit the payment to the financial institution. Optical character recognition technology reads the data from the statement and built-in analytics confirm biller information.
Users also have the option to rush payments for a fee, creating a strong value proposition and a revenue opportunity for financial institutions. By leveraging the solution as a standalone channel, credit unions and banks can offer the service in addition to Internet banking bill pay while reducing the time customers and members must spend entering biller information for new billers.
The system is being piloted by $4.3 billion Abilene, Texas-based First Financial Bankshares.