ACI Worldwide Survey Reveals Bill Payment Anxiety Driving Interest in Real-Time Payments
06 Setembro 2023 - 10:03AM
Business Wire
As consumer debt rises, faster payment
processing in real-time payments enables Americans to defer their
bill payments but still pay on time
According to the 2023 ACI Speedpay Pulse report, published by
ACI Worldwide (NASDAQ: ACIW), a global leader in mission-critical,
real-time payments software, 35% of consumers express readiness to
switch their bill payment method to achieve faster processing. This
shift in consumer behavior can be attributed to the fear of being
penalized for late payments among the growing number of people
making urgent or same-day bill payments.
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 80% of Gen Z consumers having bill-pay
anxiety. More than half (63%) of Gen Z consumers also find their
bill payment experience stressful. Billers could alleviate these
worries by introducing faster ways to pay, making it easier for
consumers to pay at a time that is convenient for them and helping
to reduce delinquencies. The launch of the FedNow Service — the new
instant payments infrastructure developed by the Federal Reserve —
paves the way for a new era of enhanced payment options, allowing
for greater financial flexibility and certainty when making
time-sensitive payments.
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 24% of Boomers who are happy to
consider switching to a mobile wallet. Billers have a unique
opportunity to capture these consumers by launching incentivized
enrollment campaigns, encouraging them to effortlessly add their
bills as passes in their digital wallets.
Engage customers as fraud-fighting allies
Consumer adoption of best practices for securing their online
credentials has been sluggish. The report reveals that 32% of
consumers still write down their passwords on paper, while 16%
persist in using the same or similar passwords across multiple
platforms. About one-quarter of the consumers never change their
password or do so only when prompted by billers. To mitigate the
financial and reputational risks associated with fraud and identity
theft, it is imperative for billers to actively educate customers
on enhanced security measures and build robust fraud strategies
incorporating technology such as AI and machine learning to combat
the growing sophistication in fraud.
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 U.S. Census-balanced among
adults aged 18 and older who are responsible for submitting
payments for at least two of their household's monthly bills.
Survey margin of error is less than 1.8% for questions answered by
the entire sample. Questions with a smaller base will have a higher
margin of error. If presented, statistical testing is at the 95%
confidence level.
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
the United States, other countries or both. Other parties'
trademarks referenced are the property of their respective
owners.
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Media
Nick Karoglou | Head of Communications and Corporate Affairs |
nick.karoglou@aciworldwide.com
Lyn Kwek | Communications and Corporate Affairs Director,
APAC/South Asia | lyn.kwek@aciworldwide.com
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