Mobile devices have become an integral part of day-to-day activities, and for many customers, that includes paying bills. While some customers still prefer to receive paper bills and mail in a check, others are opting to access bills through text messages or apps then pay using their mobile devices.
One important contributing factor that is enabling digital bill pay is the rising popularity of digital wallets. Digital wallets are mobile apps that allow customers to pay for goods or services directly from that device by connecting to their bank accounts or storing credit card information. Many consumers prefer the convenience of not carrying a physical credit card, and they often turn to their digital wallets when it’s time to pay bills. According to the 2023 ACI Speedpay Pulse Annual Report, 43 percent of users have already used a mobile wallet to make a payment and almost half would consider it. Within the next few years, it’s estimated that more than 5 billion people will use digital wallets.
Another factor contributing to the shift in digital bill pay habits is the increasing prevalence of QR codes, which account for 40 percent of all transactions by volume according to ComputerWeekly. You may have seen QR codes on restaurant bills to allow customers to pay and leave at their convenience, or at a pop-up shopping event where vendors don’t have traditional cash registers. QR codes can play a helpful role in transactional communications as well as adding a QR code to a paper bill is a simple way to provide customer choice, enabling those who prefer digital options to easily access their account and make payments. The majority of smartphone cameras recognize QR codes, and scan volume is expected to increase from 83.4 million in 2022 to 99.5 million in 2025.
There are many use cases for digital payments, and the common threads tying them together are convenience and consumer preference. Customers want to make transactions at their own pace and in their preferred way, and it’s a factor when they choose who to do business with. Consider that more than half of consumers (63 percent) say they are more likely to buy goods and services from merchants and providers that offer their preferred payment options.
Adjusting to this shifting bill pay landscape is a business imperative, and with the right partner, the process can be seamless. Matrix can help you exceed customer expectations with transactional communications that span both digital and print. We specialize in the automated, electronic environment with comprehensive, integrated e-solutions that improve your business efficiencies and maximize your targeted growth.
Your customers want the flexibility to use digital pay options, and we can help you make that a reality. Contact us today to get started.