While many people have already been paying their bills online, this generation is looking to phones.
As bills have become mainly digital, millennials in particular are looking to their phones to make their payments and are choosing mobile wallets as their preferred payment method.
According to new research, a massive 80 percent of millennials prefer this bill payment method.
The research was conducted by PYMNTS. What it found was that mobile wallets have been driving the trend toward bill payments online, particularly on phones. It also found that among people who this particular transaction method, 95 percent know that it includes a bill payment feature. Moreover, nearly one in four consumers use this technology to pay their bills at least once per week.
That said, it’s important to note that not everything is perfect with this technology. According to the survey, 58 percent of bill payers who were surveyed in this year’s first quarter reported having experienced issues when using the technology to make bill payments. Another 71 percent reported having experienced at least one problem when trying to pay a bill this way.
Still, the speed and convenience of using this method has led to a 22 percent increase in consumer adoption when compared to only 6 months before the survey was conducted.
Some consumers still feel that they aren’t ready to trust mobile wallets enough for this use.
According to the research, when looking at customers in all age groups, many still aren’t ready to give the technology enough trust to use it for bill payments. They aren’t ready to feel that the security of these apps is tight enough quite yet.
The PYMNTS research was published under the title “Digital bill Payments: Mobile Wallets Gain Popularity, but Hurdles Remain.” It was the result of a collaboration with ACI Worldwide. The survey involved the participation of 2,120 consumers in the United States. It ran from March 2 through March 7, 2023.
It examined bill payments using this method and the experiences they provide consumers. This included both their preferences and their frustrations. It also looked into what consumers are hoping will be the next development in bill payment technology.