ACI Worldwide and PayPal Deliver Digital Wallet Options for Bill Payments

Rhea-AI Summary

ACI Worldwide (NASDAQ: ACIW) has partnered with PayPal to enhance digital payment options for its biller clients, including Monroe County Water Authority. This integration allows customers to use PayPal and Venmo for bill payments, responding to the rising preference for digital wallets. A survey indicated that 56% of Gen Z and millennials would consider using such methods for bills. The collaboration aims to address increasing consumer demand for convenient payment solutions, reflecting a shift in the bill payment landscape driven by digitalization.

Positive

• Partnership with PayPal enhances payment options for billers like Monroe County Water Authority.
• Survey indicates over 56% of younger consumers prefer digital payment methods for bills.
• Integration of PayPal and Venmo aligns with growing consumer demand for convenient payment solutions.

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• None.

ACI Worldwide (NASDAQ: ACIW), a leading global provider of real-time digital payment software and solutions, today announced a collaboration with PayPal to bring digital wallet payment options to ACI’s biller clients like Monroe County Water Authority (MCWA). PayPal and Venmo will be integrated with ACI Speedpay, giving consumers more options to make bill payments conveniently and securely using the digital methods that suit them best.

Monroe County Water Authority, a not-for-profit public benefit corporation that provides water to hundreds of thousands of customers over parts of six counties in the Rochester, NY area, implemented PayPal for its customers, with plans to add Venmo as well, due to high demand for these checkout options. A recent ACI Speedpay Pulse study showed that more than half (56%) of Gen Z and millennial consumers surveyed would consider paying a bill with a digital payment method like Venmo or PayPal if given the option. With this combination, Monroe County Water Authority can now better cater to customers’ growing digital wallet payment preferences.

“We are delighted to offer PayPal and Venmo as payment options for our customers through PayPal’s integration with ACI Speedpay,” said Felicia Romagnolo, manager of Customer Services, Monroe County Water Authority. “As consumer demand for more digital payment options, including digital wallet payment methods and the ability to pay in increments or at a later date, has increased in the bill payments sector, we can conveniently meet our customers’ evolving needs.”

“For too long, paying bills has been a cash or check process that is inherently inefficient and costly to both consumers and billers. The past year and the increased digitization of commerce has shown the value digital wallets can provide not just to retailers, but also to billers and other service providers,” said Dan Leberman, senior vice president of partnerships, PayPal. “Our work with ACI – and utilizing its extensive industry knowledge – is an important step for us to not just digitize the bill pay industry, but provide a trusted digital wallet for its customers and ultimately, the billers’ consumers.”

“Digital payment methods continue to increase as consumers look for more ways to make payments conveniently and securely, and we expect this trend to continue,” said Sanjay Gupta, executive vice president, ACI Worldwide. “Forward-thinking organizations like Monroe County Water Authority recognize these changing customer preferences, providing more options to pay in ways that best suit them. This work with PayPal gives consumers the digital bill payment options they prefer.”

ACI Speedpay is an integrated suite of bill presentment and payment services that empowers the success of thousands of customers across multiple verticals, including Consumer Finance, Government, Education, Healthcare, Insurance, Telco and Cable, Subscriptions, and Utilities. The solution’s mobile wallet billing, payment and notification capabilities improve consumer experience while reducing costs.

About ACI Worldwide

ACI Worldwide is a global software company that provides mission-critical real-time payment solutions to corporations. Customers use our proven, scalable and secure solutions to process and manage digital payments, enable omni-commerce payments, present and process bill payments, and manage fraud and risk. We combine our global footprint with local presence to drive the real-time digital transformation of payments and commerce.

© Copyright ACI Worldwide, Inc. 2021
ACI, ACI Worldwide, ACI Payments, Inc., ACI Pay, Speedpay and all ACI product/solution names are trademarks or registered trademarks of ACI Worldwide, Inc., or one of its subsidiaries, in the United States, other countries or both. Other parties’ trademarks referenced are the property of their respective owners.

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FAQ

What is ACIW's new partnership with PayPal about?

ACI Worldwide has partnered with PayPal to introduce digital wallet payment options for bill payments, benefiting clients like Monroe County Water Authority.

How will PayPal and Venmo be used by Monroe County Water Authority?

Monroe County Water Authority will integrate PayPal and Venmo for bill payments, allowing customers to use preferred digital payment methods.

What percentage of consumers prefer digital wallets for bill payments?

A recent study indicated that 56% of Gen Z and millennial consumers would consider using digital wallets like PayPal or Venmo to pay bills.

Why is the partnership significant for ACI Worldwide?

The partnership is significant as it enhances ACI Worldwide's offerings and addresses the increasing demand for digital payment options in the bill payment sector.