M-payments study
The 2013 Billing Household Survey from Fiserv has found consumers are paying their bills in more ways than ever before, with the number of consumers paying bills from smartphones and tablets growing significantly.
Gen Y in particular prefers a variety of channels and immediate payment options, and uses the mobile channel to manage billing and payment more than other generations. As more of these young consumers take on bill payment responsibility, a growing Gen Y effect will influence how billers are innovating and offering services based on changing consumer preferences.
Mobile bill payment usage doubled from 8 million U.S. online households in 2012 to 16 million in 2013. This growth was driven primarily by smartphone owners, among whom mobile bill payment surged 150%. Consumers who pay bills using their mobile device do so primarily for its convenience (70%), anytime access (55%) and time savings (49%). It is important for billers to have a mobile-optimized website for bill payment as mobile-optimized bank and biller websites are the most popular choice when paying bills with a smartphone, although apps for billers and banks were also popular and grew rapidly.
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