Insights in bill payment | Latest news and articles
The world of bill payments is changing
Companies want to leverage digital payments to get paid faster at a lower cost, increase their audience and serve underbanked customers.
That’s where Request to Pay comes in.
Request to Pay is a messaging ecosystem that provides the necessary secure communications required to make secure payment requests possible.
Developed by Pay.UK along with UK banking and FinTech, Request to Pay is a new and secure method of transacting requests for payment by mobile.
A look back to where we were a year ago, the impact the pandemic has had on payments, and what the future holds.
What does pay by link really mean? An objective review of different bill pay solutions.
We discuss what led to the creation of Answer Pay and our Request to Pay services in this video from the Leeds Digital Festival 2021.
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
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.
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.