More consumers than ever are embracing digital methods to pay bills. In our research we found that 54% pay using the biller’s website, 33% use the biller’s mobile app, and 8% pay remotely using cash at a retail location. What’s more, a significant group of consumers says it would be very convenient to have additional mobile payment options, such as PayPal (20%), Apple Pay/Google Pay (14%) and Venmo (10%).
Billers are hurrying to get on board with these trends and make digital bill payment as easy and frictionless as possible. But before they get too far along that path, they should recognize that new payment types and channels add complexity to the payment delivery chain and require additional focus on vendor management.