Real-time delivery has become a critical factor across various payment types in the US, with a large proportion of customers attaching importance to how quickly their various transactions are completed.
That’s one of the key findings in the latest Expectations & Experiences survey from Fiserv, which reflected the views of more than 3,000 US consumers.
Three-quarters (76 percent) of respondents said it is at least somewhat important that their payments are delivered in real time.
The research highlighted general trends of consumers paying more bills from mobile devices, making more person-to-person payments and beginning to venture into digital wallets.
Fiserv chief operating officer Mark Ernst said: “Consumers are living more digital lives, and that is being reflected in the way they pay. Bill payments and person-to-person payments from mobile devices are making their way toward the mainstream, while digital wallets are showing slow but steady growth reminiscent of the early days of online banking.”
Specific findings from the study showed that more than a quarter (28 percent) of US consumers were using mobile devices to pay bills at the end of 2016, up from 22 percent a year earlier.
Four out of ten mobile banking users (41 percent) had used a mobile bill payment service in the 30 days prior to the survey.
The proportion of consumers considered ‘active’ users of P2P payments via a financial organization rose from 14 percent in 2015 to 19 percent in 2016. Sharing household expenses (nine percent), repaying a loan or debt (seven percent) and rent (six percent) were the most common reasons for P2P transactions.
As far as digital wallets are concerned, there has been gradual growth in the US. Approximately one in eight consumers (13 percent) said they had used one of these services in the past 30 days, up from 11 percent in 2015 and eight percent in 2014.
Image credit: iStock/RyanKing999