Fiserv, Inc.
Dec 11, 2013
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Fiserv Survey Shows Mobile Bill Payment Use Doubled from 2012 to 2013, Driven by a Gen Y Effect

BROOKFIELD, Wis.--(BUSINESS WIRE)-- The 2013 Billing Household Survey from Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financial services technology solutions, has found consumers are paying their bills in more ways than ever before, with the number of consumers paying bills from smartphones and tablets growing significantly. Gen Y in particular prefers a variety of channels and immediate payment options, and uses the mobile channel to manage billing and payment more than other generations. As more of these young consumers take on bill payment responsibility, a growing Gen Y effect will influence how billers are innovating and offering services based on changing consumer preferences.

A white paper detailing findings from the Billing Household Survey, the sixth annual survey in this series, can be downloaded at www.fiserv.com/billingsurvey.

Mobile Billing and Payment Proliferates as Smartphone Use Grows

Mobile bill payment usage doubled from 8 million U.S. online households in 2012 to 16 million in 2013. This growth was driven primarily by smartphone owners, among whom mobile bill payment surged 150 percent. Consumers who pay bills using their mobile device do so primarily for its convenience (70 percent), anytime access (55 percent) and time savings (49 percent). It is important for billers to have a mobile-optimized website for bill payment as mobile-optimized bank and biller websites are the most popular choice when paying bills with a smartphone, although apps for billers and banks were also popular and grew rapidly.

Consumers are Paying Bills in More Ways

The survey found that 83 percent of consumers are using two or more channels to pay their bills each month. The average number of bill payment methods consumers use ticked up 10 percent from 2012 to 2013, rising to an average of 3.2 channels each month. While the number of U.S. online households that pay a bill by check declined from 61 percent in 2012 to 53 percent in 2013, the number of households using mobile and tablet for bill payment gained ground, resulting in the higher number of channels used overall.

Many consumers continue to use established methods of paying bills like checks, phone or in-person payments, and 2 out of 3 believe it is important for billers to offer multiple ways to pay bills. The Gen Y effect is evident here as 74 percent of Gen Y respondents consider offering multiple payment options important, compared to 67 percent of all respondents.

"While new bill payment channels such as mobile and tablet are coming on strong, traditional channels remain in use, creating a need for billers to support an ever-growing set of billing and payments, channels and payment types," said Jardon Bouska, division president, Biller Solutions, Fiserv. "Americans, particularly Gen Y, are hungry for multiple options for digital bill presentment and payment. Fiserv provides the most comprehensive suite of billing and payment options to billers and financial institutions, enabling them to realize and unlock the new opportunities a shifting consumer bill payment landscape offers."

Additional survey findings showed:

Additional Resources:

Methodology

The Billing Household Survey was conducted in May 2013 by The Marketing Workshop on behalf of Fiserv. It was completed by 3,004 respondents at least 21 years of age and responsible for paying bills. The results are representative of the U.S. population of online households, which is approximately 100 million out of 121 million total U.S. households.

About Fiserv

Fiserv, Inc. (NASDAQ: FISV) is a leading global technology provider serving the financial services industry, driving innovation in payments, processing services, risk and compliance, customer and channel management, and business insights and optimization. For more information, visit www.fiserv.com.

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Media Relations:
Ann Cave
Director, Public Relations
Fiserv, Inc.
678-375-4039
ann.cave@fiserv.com
or
Additional Contact:
Wade Coleman
Director, Public Relations
Fiserv, Inc.
678-375-1210
wade.coleman@fiserv.com

Source: Fiserv, Inc.

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