Aite Group surveyed 2,429 U.S. consumers to understand changing consumer bill pay behavior across 29 of the most common bill categories including loans, insurance, and school tuition.
U.S. consumers paid approximately 14.7 billion bills in 2016, shelling out roughly US$3.9 trillion. What was once a relatively simple task has become more complex involving many different payment methods and channels.
Over the last few years consumers have changed how and when they pay their bills, often based on cash flow and convenience.
Online payments on biller sites have grown to 73% in 2016 at the expense of bank bill pay.
Only 15% of millennials pay by mail compared to 40% of seniors for one-time payments.
Use of biller sites declines with age; 53% of millennials compared to 38% of seniors.
This report is intended for firms that provide consumer bill payment services and companies seeking to understand consumers’ bill pay behavior.