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Innovations such as PayM present a possibility to turn"Pull" bill payments into push payments. While currently the majority of household bills are paid by Direct Debit, billers and retailers alike could compliment the three day cycle of ACH payments by pushing
a request for payment to the customer via SMS, which contains the biller's beneficiary information that can be automatically sucked into a PayM payment for prompt, payment in seconds rather than days. It would be cheaper for all parties than cards or DDs and
it gives the biller that all important brand engagement - having an albeit automated conversation or interaction with your customer keeps your brand in the front of their minds and gives them choice.
So how about using it for a kind of dynamic discounting option: pay now by PayM for 50p off or we'll collect by DD or card tomorrow?
We just need to work out how to get the biller's account data and - critically - reference data into the PayM transaction and there's a whole new way to get paid - solicit payment. SMS Bill presentment and payment - the new form of EBPP.
This post is from a series of posts in the group:
A discussion of trends in innovation management within financial institutions, and the key processes, technology and cultural shifts driving innovation.