Bill Payments

Insights in bill payment | Latest news and articles

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The world of paying bills is changing

Companies want to leverage digital payments to get paid faster, at lower cost, and increase their audience, perhaps to serve under banked customers.

Some key articles on bill payment innovations:

  • Hear Anglian Water’s perspective
  • How Request to Pay works – A description of the end to end journey by Pay.UK
  • Request to Pay in about 300 seconds by SEPA
pay bill by message on mobile image

Request to Pay is a messaging ecosystem that provides the necessary interconnecting secure communications required to make secure payment requests possible.

Bill Payments – 10 Facts

1. PayPal is one of the most dominant payment methods available today with over 254 million users worldwide. Linnworks

2. According to a January 2019 survey, 82% of responding online shoppers in the Americas cited credit or debit cards as their preferred payment method for online purchases. 80% of respondents from Europe claimed payment providers such as PayPal and Alipay as their preferred online payment methods. Statista

3. Alternative payment methods are expected to reach 20% of the market share in Europe by 2020. They include mobile payments, prepaid cards, eWallets and ‘buy now pay later’ instant financing. Linnworks

4. The use of contactless payments in the US has increased 150% since March 2019. Forbes

5. Young people (aged 18 to 34) and those making less than $50,000 were the most likely to miss or partially pay one or more bills. McKinsey

6. 32% of consumers skipped or partially paid their credit card, with 7% skipping entirely. McKinsey

7. The Atlanta Fed’s report showed that online or mobile purchases of goods and services increased from 17% of all purchases in 2019 to 24% in 2020 (as a share of both in-person and not-in-person purchases). Creditcards

8. 42% of debit cards accounted for 42% of all payments in the UK. UKfinance

9. There were 3.5 billion payments made using credit cards, an increase of7% over the previous year. UKfinance

10. In 2019, 50% of all adults used mobile banking. UKfinance

woman paying bills from her mobile phone via rtp

Analysis

image of woman paying with request to pay

Bill payments are changing

Read our guide to RfP solutions

In a fast-changing payments industry, PSPs want to maximize their share of wallet, offer competitive transaction servicing rates (while maintaining high returns), and win more customers by offering services that billers need to serve today’s ever-changing business and consumer worlds.  Above all, they don’t want to be left behind.

Learn more…

picture of someone using request to pay on mobile

Your request to pay options

Which Request for Payment solution?

In this article, we examine the rise of the secure request for payment messaging solutions and the options open to banks and Payment Service Providers to use it for themselves.

Learn more…

Switch on Request to Pay

Why not schedule time with a RtP consultant?