Fiserv’s 2013 Billing Household Survey has underlined a doubling in the number of US consumers paying bills from smartphones and tablets.
Go deeper with GlobalData
According to the data collected by the US based financial services firm, mobile bill payment usage reached 16m in 2013, twice the figure from 2012.
Smartphone owners led the growth, causing mobile bill payment to surge by 130% between 2012 and 2013, according to Fiserv. Consumers who pay bills using their mobile device do so for convenience (70%), anytime access (55%) and time savings (49%).
According to Fiserv, the effect of young consumers familiar with digital media reaching adulthood is central to the growth of mobile bill payments.
As more consumers from the age group often called "Generation Y" take on bill payment responsibility, they exert a growing influence on the payments industry.
In Fiserv’s words: "The Generation Y effect is evident here as 74% of Generation Y respondents consider offering multiple payment options important, compared to 67% of all respondents."
The firm also added: "Many consumers continue to use established methods of paying bills like checks, phone or in-person payment, and two out of three believe it is important for billers to offer multiple ways to pay bills."
Related articles:
Paytm plans to launch new semi closed wallet
MCB, Visa partner to introduce new mobile wallet
Bank of Moscow revamps BMmobile app for smartphones
