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Online Bill Payment in the U.S.
Synergistics Research Corporation, Jan 2009, Pages: 91
This study explores strategies for maximizing the usage of online bill payment by assessing current usage, as well as the benefits and barriers to adoption. In addition, usage and interest in bill presentment are examined. The research comprised a United States internet survey on 1,000 consumers age 18 or older.
Research Issues and Benefits
Online bill payment has been available to consumers for a number of years. While it is well established in most institutions, there are a number of issues that continue to impact adoption and usage. The online bill payment space is complex -- consumers can choose between biller direct and bank bill payment options. In addition, consumers have a number of options in terms of payment methods.
Card-based payments are becoming increasingly attractive to consumers who want to maximize rewards by using cards for bill payment. To what extent are consumers setting up automatic recurring payments through online bill payment? Expedited payment services and overnight checks can generate fee income and may be particularly attractive in today's challenging economic environment.
How do consumers feel about these services and the fees being charged? Aggregators, dashboards, and toolbars are facilitating online bill payment services. The recent increase in postal rates may spur a new wave of adoption.
What benefits or features compel consumers to adopt online bill payment – convenience, cost savings, time savings, or the elimination of paper? What incentives will encourage increased usage of online bill payment?
Are security and privacy still the main barriers to adoption and how can providers address these concerns? Online bill presentment adds another dimension to the mix.
To what extent does the ‘Green' aspect of online bill presentment and paperless statements drive adoption of these alternatives? All of these complex issues must be evaluated in order to increase adoption and usage of online bill payment services.
The Synergistics survey will help you and your organization sort through the dynamic world that is online bill payment.
** Please note that due to restrictions this report cannot be sold to clients in the US or Canada**
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