Digital payment preferences are surging with more than three-quarters of Americans now preferring to pay their bills digitally. This is especially the case for Gen Z and Millennials, who show a significant inclination toward mobile payments. However, this increase in digital payments also brings about heightened risks. For example, almost one in five consumers surveyed has fallen prey to online identity theft.
Billers should continue to adapt their customer UX strategies to meet the needs of increasingly security-conscious consumers. That is the key takeaway of the newly released annual Speedpay Pulse Report, published by ACI Worldwide. The full report is available via this link.
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ACI Worldwide annual Speedpay Pulse Report – other key takeaways
- Preferences for digital payment channels are on the rise again – more than three quarters of Americans now prefer to pay their bills digitally;
- The shift to mobile bill payments – driven by biller and bank mobile apps, plus digital wallets, is more pronounced than ever;
- Fraud remains high – with nearly 1 in 5 consumers reporting falling victim to online identity theft;
- Trust in data security has taken another hit, with fewer consumers believing their data is more secure than it was five years ago, and
- Consumers want to hear more from billers on password hygiene and how to protect their data
The report looks at consumer billing and payment trends, providing billers with insights and practical advice to capitalise on emerging trends and address threats impacting their business. This year’s report, now in its 7th edition, includes new survey questions to reflect the rapid proliferation of digital communications and payment channels, shedding light on the concurrent increase in digital identity and payments fraud.
“The surge in digital payments adoption presents promising growth opportunities for billers, but the threats of online identity theft and other risks continue to burden consumers,” said Ron Shultz, General Manager of ACI Speedpay.
“This creates a prime opportunity for billers to enhance their payment capabilities with advanced, AI-powered fraud management solutions and double down on fraud awareness education to create a differentiated and secure customer experience.”
Key insights
- 77% of Americans now prefer to pay their bills digitally, with 26% displaying a preference for mobile over website. The shift to mobile is primarily driven by biller and bank mobile apps and digital wallets like Apple Pay and Google Pay.
- 18.7% report falling victim to online identity theft, with two in five reporting that an incident resulted in accounts being opened in their name.
- More than one-third of consumers believe their data is less secure than it was five years ago, a figure that has increased steadily.
- 29% of the consumers who rarely change passwords only do so when prompted by billers, highlighting the need for increased biller outreach and education.
- Almost 50% of consumers surveyed do not believe that companies properly educate them on how to keep their data secure, an increase from 2023.
- Consumers’ fear of scams is making debt collection harder; 34% of those surveyed said they avoid communications from debt collectors. Billers can replace debt collectors with virtual agents to create a secure, non-intrusive, and efficient debt collection platform.
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