The Western Union Company (NYSE:WU), a leader in global payment
services, released the latest findings from the Western Union®
Bill Payments Money Mindset Index. The survey of U.S. consumers reveals
mobile device ownership and usage are changing consumers’ bill payment
behaviors, even as people continue to use different payment channels
like in-person or mail to meet their budget and lifestyle needs.
For example, 15 percent of people surveyed indicate they plan on paying
more bills via a mobile phone or tablet and 13 percent via a mobile app
or text message over the next six months. Also, among people who paid a
bill using a mobile device, 65 percent did so using smartphones and 25
percent using tablets.
But U.S. consumers aren’t just using online and mobile options to pay
bills. The survey underscores why choice and convenience are critical to
meeting consumer needs:
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36 percent of consumers use three or more channels, such as online,
in-person, and others, to pay their monthly bills
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38 percent use three or more payment methods, such as credit card,
debit card, ACH, or cash, to pay their monthly bills
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18 percent of multi-method bill payers and 27 percent of multi-channel
bill payers used a mobile phone to pay at least one bill per month
“The Western Union Bill Payments Money Mindset Index points to
increasingly tech-savvy consumers choosing to add mobile options to
their bill payment tool kit,” said David Shapiro, senior vice president,
Payments, Western Union. “Another key take-away for the business
community is the importance of meeting consumer demand for convenience,
flexibility, and choice; our customizable bill payment solutions can
help companies deliver on these needs.”
An infographic featuring expanded survey statistics is available for
download: http://payments.westernunion.com/mobilemindsetindex
Additional survey statistics include:
Gen Y Leads in Mobile Bill Payment Usage
Nearly one in three Gen Y respondents (31 percent), age 18-34, have paid
a bill using a mobile device compared to 25 percent of Gen X
respondents, age 32-52, and 11 percent of Baby Boomer respondents, age
48-68.
However, Gen Y May Surprise You:
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41 percent of Gen Y respondents, age 18-34, use three or more channels
to pay their bills
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39 percent use three or more payment methods to pay their bills
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34 percent pay at least one monthly bill through the mail
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51 percent pay at least one monthly bill directly through the biller
website
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39 percent pay at least one monthly bill through their bank or credit
union website
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11 percent pay at least one monthly bill through a third party bill
payment provider’s website
Western Union offers a comprehensive suite of customizable bill payment
solutions for billers and their customers, including an electronic
Speedpay® service and a walk-in offering available at nearly
47,000 Agent locations in the U.S. These solutions provide businesses
with innovative payment channels like mobile and online, as well as
electronic bill presentment and payment services. These comprehensive
options provide businesses and their customers with choice and
convenience, helping to streamline the bill payment process, and improve
customer satisfaction. For more information, visit http://www.payments.westernunion.com.
About Western Union
The Western Union Company (NYSE: WU) is a leader in global payment
services. Together with its Vigo, Orlandi Valuta, Pago Facil and Western
Union Business Solutions branded payment services, Western Union
provides consumers and businesses with fast, reliable and convenient
ways to send and receive money around the world, to send payments and to
purchase money orders. As of June 30, 2013, the Western Union, Vigo and
Orlandi Valuta branded services were offered through a combined network
of approximately 520,000 agent locations in 200 countries and
territories and approximately 115,000 ATMs. In 2012, The Western Union
Company completed 231 million consumer-to-consumer transactions
worldwide, moving $79 billion of principal between consumers, and 432
million business payments. For more information, visit www.westernunion.com.
Survey Methodology: The Western Union®
Bill Payments Money Mindset Index, conducted by Javelin
Strategy & Research, has a margin of error of 1.76
percentage points and was conducted in March 2013 with 3,087
respondents. The random sample survey targeted online respondents based
on representative proportions of geography, gender, age, income, and
ethnicity as compared to the overall U.S. adult population.
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Copyright Business Wire 2013