Since 2009, the smartphone revolution has been changing the face of commerce. Many approached mobile payments simply by throwing a credit card on a smartphone. There was a need to be different. At BIM, we understand that winning in mobile requires delivering real value to both merchants AND consumers. The challenge is not just to find ways to make payments more efficient, but also to redefine the paradigm of brand-consumer engagement.

How did we do it? We started by revolutionizing the Federal Reserve’s ACH network. We took advantage of the low-cost and ubiquity of the system, and added technology to make it simpler to sign up (enrollment in <40 seconds), easier to use (in store, on the mobile phone, and on the web) and more reliable (guaranteed with timely payments), to create a low-cost payment option that is attractive for both merchants and consumers.

But reducing costs is not enough – consumers must perceive real value in order to change their behaviors to adopt and embrace a new way to pay. We at BIM realize that by leveraging mobile and capitalizing on the cost savings of our ACH payment option, merchants could create better experiences for their customers and therefore incentivize and reward them for adopting this new payment option.