Mobile Apps Gain Popularity for Bill Payments Compared to Traditional Payment Methods, Reveals ACI Speedpay® Pulse Study
October 16 2019 - 8:00AM
Business Wire
Study finds that consumer preference for
convenient, simple billing and payment options is driving the
adoption of digital and mobile channels
ACI Worldwide (NASDAQ: ACIW), a leading global provider of
real-time electronic payments and banking solutions, has announced
the results of the 2019 ACI Speedpay® Pulse, a longitudinal
consumer billing and payment trends and behaviors research study of
more than 3,000 adult consumers in the U.S. The findings show that
consumer preference for convenience, speed and simplicity is
driving the adoption of digital and mobile channels as usage of
traditional payment channels and methods decreases.
Key findings from the 2019 ACI Speedpay Pulse include:
Digital and mobile-first approach on the rise for bill
payments
- 21 percent of consumers used a company’s mobile app to pay a
bill in Q1 2019, compared to 19 percent in 2018
- Over the past year, more than 1 in 5 consumers have increased
their usage of a company’s website (26 percent) to pay bills, while
the same number of consumers have decreased their usage of mail (22
percent) or in-person (21 percent) payments at the company’s
location
- 31 percent of consumers have paid a bill through a bank’s
website
- Approximately 2 in 5 (39 percent) of those who use mobile
wallet payment methods say they have paid a bill through a mobile
wallet
Decline in usage of traditional bill payment methods
- Use of traditional paper checks decreased slightly from 32
percent in 2018 to 28 percent in Q1 2019, with 3 in 5 consumers (60
percent) using checking account deductions to pay their monthly
bills, and nearly half (48 percent) using debit cards
- Debit card and checking account deduction are consumers’
most-preferred methods for one-time bill payments, with the
preference for debit card payments on the rise (from 33 percent in
2018 to 38 percent in Q1 2019) due to convenience and
simplicity
Digital and mobile channels are key for bill reminders and
“urgent” or same-day payments
- Nearly 1 in 4 consumers (24 percent) say they have had to make
an “urgent” or same-day payment in the past year
- Consumers often pay “urgent” or same-day payments through a
company’s website (36 percent), phone via CSR (34 percent) or
in-person at the company’s office/location (23 percent)
- 85 percent of consumers who paid a bill late take
responsibility for it, while 15 percent feel it was the company’s
fault or they are unsure
- Of those who generally feel it was the company’s fault that
they paid a bill late, most say this is because the company did not
provide easy payment options (32 percent) or sent the statement too
late (27 percent)
- 42 percent of consumers prefer email alerts for bill
notifications/reminders
- 21 percent of consumers expect to use mobile text alerts over
the next 12 months
“While digital and mobile billing and payment options have been
available to consumers for years, we’re finally starting to see
adoption of these channels surpass traditional channels in some key
areas,” said Sanjay Gupta, executive vice president, ACI Worldwide.
“Consumers want more choice when it comes to how they receive their
billing statements and notifications, and how they make payments.
To continue to drive adoption and make consumers’ lives easier,
companies should educate and train consumers on the benefits of
payment channel offerings like mobile apps and mobile wallets.”
ACI’s award-winning moBills technology, which is part of the ACI
Speedpay solution, provides a seamless mobile billing experience
for top global brands in industries such as utilities, banking,
insurance, hospitality and auto lending.
To read the full 2019 ACI Speedpay Pulse report, visit:
https://www.speedpay.com/images/uploads/SpeedpayPulse_2019_annual.pdf
Methodology
The Pulse is a longitudinal consumer billing and payments trends
research study conducted in 2019 by Brownstein Group in partnership
with Speedpay. Each data set in The Pulse includes responses from a
survey of more than 3,000 unique respondents (no repeat
participation within a one-year period). Each survey sample is U.S.
Census-balanced among adults age 18 and older who are responsible
for submitting payments for at least two of their household’s
monthly bills.
About ACI Worldwide
ACI Worldwide, the Universal Payments (UP) company, powers
electronic payments for more than 5,100 organizations around the
world. More than 1,000 of the largest financial institutions and
intermediaries, as well as thousands of global merchants, rely on
ACI to execute $14 trillion each day in payments and securities. In
addition, myriad organizations utilize our electronic bill
presentment and payment services. Through our comprehensive suite
of software solutions delivered on customers’ premises or through
ACI’s private cloud, we provide real-time, immediate payments
capabilities and enable the industry’s most complete omni-channel
payments experience. To learn more about ACI, please visit
www.aciworldwide.com. You can also find us on Twitter
@ACI_Worldwide.
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logo, ACI Universal Payments, UP, the UP logo and all ACI
product/solution names are trademarks or registered trademarks of
ACI Worldwide, Inc., or one of its subsidiaries, in the United
States, other countries or both. Other parties' trademarks
referenced are the property of their respective owners.
Product roadmaps are for informational purposes only and may not
be incorporated into a contract or agreement. The development
release and timing of future product releases remains at ACI’s sole
discretion. ACI is providing the following information in
accordance with ACI's standard product communication policies. Any
resulting features, functionality, and enhancements or timing of
release of such features, functionality, and enhancements are at
the sole discretion of ACI and may be modified without notice. All
product roadmap or other similar information does not represent a
commitment to deliver any material, code, or functionality, and
should not be relied upon in making a purchasing decision.
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version on businesswire.com: https://www.businesswire.com/news/home/20191016005146/en/
Dan Ring E-mail: dan.ring@aciworldwide.com Phone:
781-370-3600
Nidhi Alberti Email: nidhi.alberti@aciworldwide.com Phone:
781-370-3600
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