Pay as you go“Pay as you go” is a revolutionary utility industry payment program. It allows electricity customers to pay their bill on a daily, weekly or monthly basis at their choice. The customer receives an up to the minute bill on his or her smart phone and can simply pay the outstanding balance by the click of a button at any time. It works by coupling the utility customer’s smart meter and smart phone through a wireless radio link supported by all new smart meters. In conjunction with the EnergyCite® utility electronic funds transfer network the mobile smart phone or PC application software allows the customer to pay the electric bill at any time from any source of money available to them. Payments can be deducted from a bank checking account, credit card and the like. This is an especially valuable and needed service for credit challenged customers who may have a difficult time saving enough money to pay a large bill at the end of the month.
This concept of real time subscriber side billing and electronic funds transfer was first proposed by USCL at the time we wrote the DM-06 smart meter specifications for Southern California Edison in 2006 and is disclosed in our granted U.S. patent 7, 379,791. Our granted U.S. patent 8,639,390 provides specific claims for the distributed network system embodiment required to accomplish this.
EnergyCite® and its technology partner USCL Corp (Utility Services Customer Link) become the PayPal of the utility industry. The firm’s revenue is generated through a transaction fee each and every time a payment is made.
As of Q1 2016, there is an installed base of 60 million smart meters capable of supporting this network. By 2020 that number will exceed 100 million meters. If 10% of these customers were on this plan today and paid a 50 cent transaction fee twice a month, $72 million in annual transaction fees would result. In actuality the numbers will be larger with additional products and services.