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Consumer enrollment in online banking and bill payment services has soared in recent years as more and more people have come to recognize the multitude of benefits that come with going paperless.
In 2004 an estimated 34 million households paid bills online, a number that is expected to increase to 50 million by 2008. Now banks and web-based payment service providers are finding new reasons to promote and expand their electronic payment services, such as the superior profitability potential of online customers and the exceptional cross-sell opportunities of the Internet marketing channel. The key to tapping into these benefits lies in the establishment of a robust online bill payment offering, which is where MasterCard RPPS comes in.
Tom Carey, Vice President, of MasterCard RPPS, discusses the opportunity billers have to optimize their online payment capabilities, capitalize on the growth of this segment, and start reaping the benefits.
Q: What is MasterCard RPPS?
A: MasterCard RPPS is an electronic payment processing network that handles tens of millions of transactions every month with the reliability, accuracy and security that billers want and need for their online payments function. In an environment where an increasing number of consumers are paying their bills online, and electronic payments outnumber check payments, MasterCard RPPS is the most efficient pipeline for those online payments to flow from the consumer to the biller.
Q: What are the benefits of MasterCard RPPS for a billing organization?
A: MasterCard RPPS provides billers and lockbox providers with a single channel to virtually every consumer who pays bills electronically through their online banking service. Whether...