ACI Speedpay Pulse Study Finds Nearly 70 Percent of Consumers Prefer Digital Options for Making One-Time Bill Payments
July 21 2020 - 8:00AM
Business Wire
Amid COVID-19 pandemic restrictions, U.S.
consumers — with nearly 10 bills on average to pay per month — want
convenient digital billing experiences, findings show
ACI Worldwide (NASDAQ: ACIW), a leading global provider of
real-time electronic payment and banking solutions, has announced
the results of the 2020 ACI Speedpay Pulse study, which shows
nearly 70 percent (67.4) of respondents prefer digital payment
options such as website and mobile app channels to pay one-time
bills. A consumer billing and payment trends and behaviors study,
the ACI Speedpay Pulse report surveyed more than 3,000 adult
consumers in the U.S.
Conducted in March and April, this report addresses consumer
preference and behavior at the onset of the COVID-19 pandemic in
the U.S. The restrictions enforced as a result of the pandemic led
consumers to embrace the virtual and digital space even more than
usual. According to the findings, this is especially true when it
comes to billing and payments.
The 2020 ACI Speedpay Pulse revealed:
- More bills mean greater digital adoption. Consumers are
paying an average of nearly 10 bills per month and using more
digital methods and channels for bill payment. Over the past year,
1 in 4 consumers has increased their usage of the biller’s website
to pay bills. Mobile wallet usage has also increased, with 7
percent of consumers having used a mobile wallet in the last 12
months to pay a monthly bill, as compared to only 3.5 percent last
year.
- Fewer consumers are interested in traditional payment and
statement methods. 1 in 5 consumers has decreased their
payments through the mail or in person at the biller’s location.
And when it comes to billing statements, more consumers prefer
digital billing statements (48.2%) to paper billing statements
(25%), or a combination of digital and paper statements
(26.8%).
- Consumers want real-time or near real-time options.
Debit card and checking account deduction are consumers’ most
preferred methods for one-time bill payments, and credit card
preference is on the rise; however, these preferences vary
depending on consumer age. Older consumers (ages 52-80) are
significantly more likely to prefer checking account deduction
(ACH) or credit cards to pay their recurring bills, whereas younger
consumers (ages 18-34) are significantly more likely to prefer
debit card payments.
- Billers have an opportunity to better align with consumer
preference. Over the last year, 56.7 percent of consumers made
a one-time bill payment in person and 38.3 percent made a payment
through the mail. Yet only 10.5 percent and 13.6 percent prefer
these options, respectively, while more than a third prefer to make
one-time bill payments through a biller’s website. Billers have the
opportunity to provide consumers the payment channels they want,
and to better communicate and promote the convenient options
they’re already providing.
“Digital transformation has been on the rise across so many
industries, and the pandemic is only pushing consumer demand
further,” said Sanjay Gupta, executive vice president, ACI
Worldwide. “Consumer preference is clearly digital, whether it’s
related to payment methods, channels or billing statements, and
billers need to address these demands or risk losing customer
loyalty. Organizations must increase digital and mobile payment
offerings and should also implement ongoing educational initiatives
to help their customers better understand their options.”
ACI’s award-winning moBills technology, 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.
Methodology
The ACI Speedpay Pulse is a longitudinal consumer billing and
payment trends research study conducted by Brownstein Group in
partnership with ACI Worldwide. Each ACI Speedpay Pulse data set
includes responses from a survey of at least 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. Survey margin of error is less
than 1.8 percent for questions answered by the entire sample.
Questions with a smaller base will have a higher margin of error.
If presented, stat testing is at the 95 percent confidence level.
The survey was administered by Brownstein Group, an independent
marketing communications agency in Philadelphia.
About ACI Worldwide
ACI Worldwide powers electronic payments for more than 6,000
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.
© Copyright ACI Worldwide, Inc. 2020
ACI, ACI Worldwide, ACI Payments, Inc., ACI Pay, Speedpay 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.
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Media Dan Ring dan.ring@aciworldwide.com 781-370-3600
Nidhi Alberti nidhi.alberti@aciworldwide.com 781-370-3600
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