NEW YORK—The popularity of digital bill payments is increasing, driven by more consumers seeking convenience and efficiency in managing their finances, according to a new report.
The report is based on new research from Pymnts.com and ACI Worldwide, which found that as of March 2023, 60% of consumers reported using mobile wallets to pay their bills, a 22% increase from the previous year.
This trend was particularly prominent among high-income consumers, with usage increasing from 55% to 68% during the same period, Pymnts.com said.
Millennials are the Force
Millennials were found to be the demographic most responsible for pushing mobile wallet bill payment into the mainstream, with nearly 80% of this cohort having used mobile wallets for bill payments in the 12 months prior to the study, Pymnts.com said.
“Likewise, both Millennials and bridge Millennials were found to have the highest rates of both frequent and occasional use of mobile wallet bill payments among all demographic segments, at 40% and 79%, respectively,” the report added.
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