Toyota Financial Services recently launched an iPhone app that incorporates personalized quick response code technology. Like other bill payer apps, the TFS app allows users to access their accounts through their mobile devices. What makes the TFS app different, however, is that customers are able to use their iPhone or iPad2 to scan a personalized QR code for instant access and quick payment.
Scanning the personalized QR code is not a requirement in using the app, but it can make the mobile payment process much quicker and easier. The QR code can be found on a customer’s billing statement.
Toyota Financial’s development of this iPhone app, which is the first of its kind, is fueled by the company’s expectations that around 20% of consumers owning an Internet-capable phone will be completely bypassing online sites and will instead be using their mobile devices to pay their bills. In fact, industry analysts say that consumer trends have indicated that an increasing number of people in the U.S. are relying more on their mobile phones – and less on traditional sites – when making financial transactions. Add to this a Forrester study which found that 88% of Americans will have a mobile phone subscription by the year 2014 and that the use of mobile Internet would grow from 52 million in 2009 to 105 million in 2014.
Additionally, the Forrester study revealed that over $200 billion in payments will be collected through mobile phones by 2015.
The company’s latest effort is therefore aimed at providing customers a channel to immediately access their accounts even if they haven’t registered online before availing of the app. A TFS official revealed that Toyota, Scion and Lexus users will have an app which reflects the look and the feel of their vehicle brand, while offering each the same functionality and the same level of convenience in accessing their account.
Customers will see the personalized QR codes on their billing statements starting this month. Together with the QR code is an invitation for them to download the app.
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