Handle Financial’s Prism mobile app reaches $1bn in bills paid
Handle Financial says its users have sent more than $1 billion in bill payments via its Prism mobile app, reports Julie Muhn at Finovate (FinTech Futures’ sister company).
Acquired by Handle Financial in 2016, Prism is a financial management and bill-pay app that allows users to automatically track bills and account balances, receive due date reminders, and pay bills for free in real time.
Prism says it has recently surpassed 11,000 billers across the US on its platform.
While the app saw high user adoption last year, the company has recently launched new payment options it expects will boost growth even further. The alternative payment options allow users to – for a small fee – pay their bills using a debit or credit card, even if the biller does not offer those payment methods. In cases where the biller only accepts automated clearing house (ACH) payment, Prism works behind the scenes to convert the credit or debit card payment to ACH.
In the future, Prism plans to add more payment options, such as third party wallets, social money apps and cash payments. The cash payment option would be an easy addition, since Handle Financial also owns PayNearMe, an app that enables consumers to make online purchases using cash by scanning a barcode on their smartphone.
Richard Kang, SVP of consumer channel for Handle Financial, believes “consumers have wholeheartedly embraced Prism and the power it gives them”.
Last year, Handle Financial launched Handle Platform, which helps companies integrate bill presentment and same-day bill payment technology into their existing platform.
As mentioned above, Handle Financial is the parent company of Prism and PayNearMe, which was founded in 2009. Last July, PayNearMe partnered with Blackhawk Network, gaining access to Blackhawk’s network of retail partners.