Bill payment is outperforming real app sales among customers who use digital wallets.
In fact, Sanjay Gupta, executive vice president of digital payments at ACI Worldwide, and Sumeet Bhalla, senior vice president of consumer banking at PenFed Credit Union, told Karen Webster that they are quickly becoming a “super power” that is advantageous to both customers and credit unions.
This superpower results from improving the communication between the parties and ensuring that the invoices are paid on time.
Bill pay is the most widely used mobile wallet feature, with 50% of consumers having used mobile wallets to pay bills in the last 12 months. Consumers use bill pay an average of six to seven days a month, and 51% consider it an extremely important feature of mobile wallets.
Convenience, chimed in Bhalla, is and will continue to be a key determinant in driving bill pay. As it stands now, even done digitally, bill pay has been full of pain points and friction.
“Logging into web sites, keeping tabs on all the billers can be inconvenient,” he said. Remembering scores of passwords is a challenge at best, and a headache and frustration at worst.