Seventy-three percent of people who access the Internet at least once per week pay at least one bill online according to Fiserv’s fifth annual Household Billing Survey.
Mobile payments are growing among both frequent and non-frequent Internet users. Smartphone owners were 41 percent more likely to use mobile bill payments this past year while one in five tablet owners pay bills using a mobile device.
Big drivers for mobile payment adoption, according to Fiserv, are saving time, having anytime access and being able to make payments on the go. One in three people, when asked what mobile payment capability interested them the most, stated that they wanted to both view and pay their bills on their mobile devices.
Last year, IDC found that customers who made mobile payments used PayPal about 56 percent of the time and used both Amazon Payments and Apple’s iTunes about 40 percent of the time. People that make mobile payments usually buy physical goods as opposed to digital downloads or virtual currency.
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However, people seem to suffer from trust issues when contemplating mobile payment as an option. According to Juniper Networks, 63 percent of mobile customers are unsure just how secure their payment information is on a mobile device. Just 15 percent of mobile users have a great deal of confidence in mobile security and services.
About half of customers who pay bills online use auto-debit programs, which allow automatic debiting of bills from a checking account at the same time each month. Thirty-seven percent of online customers who chose e-billing stated that the option improved their relationship with the company.
People who log onto the Internet less than once per week are far more likely to pay bills by check. Seventy-five percent of infrequent Internet users pay by check. Check writers were three times more likely to pay bills late because they didn’t track due dates and were three times more likely to lose bills in the mail.
Edited by Brooke Neuman