Expectation and reality of consumer bill payment From report

The following is the Expectation and reality of consumer bill payment From report recommended by recordtrend.com. And this article belongs to the classification: research report, mobile payment .

Innovation is changing the way American consumers pay. Consumers are adopting new payment methods to complete payment faster, such as using peer-to-peer payment applications such as venmo and PayPal to transfer money with family and friends, and using digital wallets for seamless transactions on mobile devices.

Paynearme’s report reveals how payment innovation drives consumer expectations for bill payment.

The survey found that consumers need a billing experience that matches other aspects of their lives. In short, they want to make the process easier and less stressful.

Innovations in the payment industry are changing consumer expectations for bill payment. Consumers want to get the same fast, convenient and seamless payment experience when using P2P payment platform or e-commerce purchase through payment innovation.

Due to covid-19, contactless payment is on the rise, and QR code payment is becoming a popular way of bill payment. If given the opportunity, 33% of consumers may or are very likely to pay their bills by scanning the QR code on their mobile devices.

Twenty nine percent of adults said that paying bills would bring them stress and anxiety. Remember that login information is the main cause of this anxiety (52%).

Consumers want more mobile payment options to pay their bills. 30% of adult respondents said it would be easier to pay bills on time if they had options such as venmo and paypal.

Nearly half of U.S. consumers (48%) feel confused when paying their bills, resulting in delays and missed payments. In the past 12 months, more than half of adults (51%) have paid at least one bill late.

New mobile channels are also in demand. If given the opportunity, 41% of respondents are likely or very likely to use their digital wallet to store, view and pay bills

Consumers welcome more exchanges. Nearly half of the adults surveyed (45%) said it would be easier to pay their bills on time if they received a text message or email reminder.

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