Consumers prefer paying their bill digitally these days, such as a website and mobile apps to pay one-time bills. A recent study by experts surveyed more than 3,000 adult consumers and found nearly 70% of respondents saying they prefer digital payment options.
Conducted in March and April, this report addresses consumer preferences and behaviors at the onset of the COVID-19 pandemic in the U.S. The restrictions enforced due to the ongoing pandemic led consumers to embrace the virtual and digital platform more than ever. According to studies, this is especially accurate when it comes to billing and payments.
Debit card and checking account deductions are consumers most preferred methods for one-time bill payments. These preferences however vary and depend on consumer age. Consumers between the ages of 52-80 are significantly more likely to prefer checking account deductions (ACH) or for their credit cards to pay their recurring bills. Whereas younger consumers between the ages 18-34 are more than likely to prefer debit card payments.
Digital transformation has been on the rise across so many industries, and the current pandemic is only pushing consumer demand further. According to these studies, Organizations and bill collectors must address these demands or risk losing customers. Digital and mobile payment offerings must increase and should set initiatives to educate their customers at understanding their options.