Pageonce Fires a Mobile Wallet Shot Across the Bow
Banks better start rocking and rolling out their mobile bill pay functionalities before startups cut into their payment revenue turf.
Today, mobile PFM provider Pageonce announced it’s flexing its digital wallet aspirations by letting users pay their bills from any of their accounts in three steps on the app: 1. Select how to pay. 2. Enter the amount. 3. Tap pay. After completing the steps, a user will get an email receipt of the payment, followed by a payment confirmation.
“Paying bills is our first step in building the Wallet of the Future,” said Guy Goldstein, founder and chief executive, in a statement.
Pageonce, which boasts more than 5 million users, already lets consumers manage their bills through the app, as well as alerts them to bill due dates. The new functionality, called PageOnce Money & Bills, currently works for the iPhone and Android.
FIs, meanwhile, have yet to introduce or make known their mobile pay bill services to the majority of their customers. In fact, our latest Bank Innovation Monitor research indicates that only 25% of Americans are aware that their FI lets them pay bills via their mobile devices.
Still, Pageonce’s obstacle to gaining users will be the fee attached to its pay bill service. To use the functionality, consumers pay $4.99 per month. Considering banks are adding new debit card fees into their business models, consumers may be extra weary of paying more fees just to use a payment service.
