ACI Worldwide Survey Reveals Bill Payment Anxiety Driving Interest in Real-Time Payments
- 35% of consumers ready to switch bill payment method for faster processing
- Launch of FedNow Service allows for enhanced payment options
- Mobile wallets gaining popularity for bill payments
- Financial concerns among Gen Z consumers
- Consumers still writing checks despite rising costs
- Consumer adoption of security measures has been sluggish
As consumer debt rises, faster payment processing in real-time payments enables Americans to defer their bill payments but still pay on time
The ACI Speedpay Pulse report is a consumer billing and payment trends research study conducted by ACI Worldwide. The report delves into consumer billing and payment trends against the backdrop of rampant digitization and its impact on payment preferences and experiences across four different generations: Gen Z, Millennials, Gen X and Boomers.
"Billers are curating diverse payment options to cater to consumers’ growing demands for choice and convenience. In an era of abundant choices, consumers find themselves in a predicament when deciding how to settle their bills, and macroeconomic forces such as inflation have significantly influenced and reshaped consumer bill payment habits," said Ron Shultz, head of the biller segment at ACI Worldwide. "Billers have an excellent opportunity to stay ahead of this curve and work with their payment partners to add value beyond variety, by increasing reliability, speed and security in payments."
Pay later but on time, in real time
According to the report, financial concerns are prevalent among younger consumers, with
Harness mobile wallets' popularity to transform payments and communications
Nearly one-in-five Boomers are still writing checks, despite the rising cost of postage and the risk of loss, theft and delay. Conversely, mobile wallets are gaining traction, with nearly half of the consumers surveyed interested in paying bills with their mobile wallets. This includes
Engage customers as fraud-fighting allies
Consumer adoption of best practices for securing their online credentials has been sluggish. The report reveals that
For more insights into billing and payment trends, click here to download the report, or visit www.aciworldwide.com/acispeedpaypulse.
About ACI Speedpay Pulse Methodology
The ACI Speedpay Pulse is a longitudinal consumer billing and payment trends research study conducted by ACI Worldwide. Each ACI Speedpay Pulse data set includes responses from a survey of at least 3,000 unique respondents (no repeat participation within a one-year period). Each survey sample is
About ACI Worldwide
ACI Worldwide is a global leader in mission-critical, real-time payments software. Our proven, secure and scalable software solutions enable leading corporations, fintechs and financial disruptors to process and manage digital payments, power omni-commerce payments, present and process bill payments, and manage fraud and risk. We combine our global footprint with a local presence to drive the real-time digital transformation of payments and commerce.
© Copyright ACI Worldwide, Inc. 2023
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
View source version on businesswire.com: https://www.businesswire.com/news/home/20230906909867/en/
Media
Nick Karoglou | Head of Communications and Corporate Affairs | nick.karoglou@aciworldwide.com
Lyn Kwek | Communications and Corporate Affairs Director, APAC/
Source: ACI Worldwide