Consumers Want Simplified and Secure Bill Pay Experience

online bill payment

No matter the demographics, no matter the income level, no matter where we live, there’s one universal:

We all pay bills.

Several of them a month. And when it comes to paying those bills online, the interest is there — but there are some concerns that are top of mind, and some features we value above others.

This is detailed in “The One-Stop Bill Pay Playbook: Friction Within the Bill Payment Experience” report, done in in collaboration with Mastercard. Nearly 2,100 consumers weighed in on what they want from their banks when it comes to paying everything from the rent to the monthly phone bill.

Given the fact that about half of the adults in the United States pay six or more bills each month, it’s not surprising that consumers want their bill payments experiences to be frictionless and convenient. But many consumers are not getting what they need.

bill payment

More than half of the individuals we spoke to experienced at least one key pain point in the past 90 days, such as a lack of payment options. Other respondents say that they find the high cost of bill payments online to be a key point of contention.

What We Want — and What’s Lacking

As to just what they want from their banks and their providers, many customers are aware of the digitally enabled options that are on offer. And 59% of bill-payers are open to using a bill payment platform to manage their monthly bills. Of that tally, more than half of those we questioned said that a one-stop shop would make tracking bills easier, 52% said it would make paying bills easier and more convenient. And it seems that many of us value speed, as 50% said it would enable faster payments.

Drill down a bit and no matter the digital routes in which we choose to pay, a few concerns have proven to key: 52% of bill-payers identify security as highly important to their digital bill payment experiences, with 20% naming it as the most important factor. Beyond that consideration, consumers place value on being able to access their billing their statements online, and have also named the ability to view and pay bills from a single online platform as other preferred features.