Nearly one-quarter of consumers pay bills with mobile wallets at least weekly, and Millennials are the largest group to use the service, according to recent research.
06/20/2023 3:30 P.M.
1.5 minute read
According to a recent PYMNTS study, roughly a quarter of consumers use mobile wallets at least weekly to pay their bills, and 95% of mobile wallet users are aware of the bill-pay services available. Additionally, consumer use of mobile wallets for bill payment has increased by 22% compared to six months ago.
However, it may come as a surprise that only 60% of consumers used this method to pay their bills in the previous year. According to PYMNTS analysts, 71% of users who frequently used mobile wallets reported at least one problem when paying bills. Numerous customers claimed that they did not believe mobile wallets were safe enough to merit their faith. More than one-third of consumers who are uninterested in mobile wallet bill pay attribute their disinterest to security worries.
Key findings from the research include:
- Sixty percent of consumers paid bills using a mobile wallet in the last 12 months.
- Among more affluent consumers, who tend to be early adopters, bill pay via mobile wallet increased from 55% to 68% during the same period.
- Millennials, who tend to be comfortable using newer technologies, are the most responsible for pushing mobile wallet bill pay use into the mainstream.
- Consumers like the speed and convenience of mobile wallet bill pay, especially the ability to make instant payments when bills are due. Thirty-nine percent of consumers said that the ability to make payments instantly is an important reason for paying bills using a mobile wallet.
The report, “Digital Bill Payments: Mobile Wallets Gain Popularity, but Hurdles Remain,” a collaboration with ACI Worldwide, surveyed 2,120 U.S. consumers between March 2 and 7 to better understand their experiences with mobile wallet bill payments.
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