Mastercard is acquiring bill pay platform Transactis for an undisclosed amount:
that it will acquire bill pay platform Transactis for an undisclosed amount. Transactis' technology is used by bank and nonbank partners to enable businesses to streamline their bill collection digitally — including firms that typically don't support digital bill pay, like property owners.This acquisition can help Mastercard further develop Bill Pay Exchange ahead of its full roll out.Bill Pay Exchange last year — and it's slated for a full launch later this year.
It also includes digital money management features, enabling users to see overhead views of all their bills in one place and receive notifications when bills are due. Access to Transactis' technology will allow Mastercard to streamline bill payments in digital banking platforms and biller websites.Digital bill pay is on the rise, but consumers often don't prefer to pay through issuers. Mastercard's solutions can allow it to realize volume that might otherwise go through biller sites.
of bill pay volume and value, while issuers only hold about 13% of the market, according to a study from ACI and Aite. That's especially true among younger generations: Just 9% of millennials used digital banking channels for one-time bill payments in 2016, compared with 16% of seniors, which could make it harder for banks to capture share among millennials as they gain more spending power.
But Mastercard can reverse that by bringing a comparable experience to digital banking platforms. The average customer pays 6 to 10 bills monthly, and therefore has to keep track of multiple logins and due dates.
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