Mobile wallets are a popular way to pay bills. As of Q1 2023, 60% of consumers had used a mobile wallet to pay bills in the previous 12 months. Mobile wallet providers largely meet consumers’ needs, with 89% of mobile wallet bill pay users saying they were at least somewhat satisfied and 61% reporting they were very or extremely satisfied. Furthermore, we found that consumers who pay more bills via mobile wallets will likely report higher satisfaction levels than less frequent users.
However, there is still room for improvement in the user experience. Mobile wallet providers can still win over many of the consumers who are reluctant to use mobile wallets’ bill pay features. This prospect presents an opportunity for providers that can offer easy-to-use and secure platforms with the speed and convenience consumers expect.
“Digital Bill Payments: Frequent Mobile Wallet Bill Pay Users the Most Satisfied,” a PYMNTS and ACI Worldwide collaboration, surveys a census-balanced panel of 2,120 United States consumers about the benefits and the pain points they encounter when using mobile wallets to pay bills.
Key findings from the report include the following:
The speed and immediacy of mobile wallet bill pay in paying last-minute bills are especially compelling features.Fifty-one percent of mobile wallet bill pay users paid bills on the due dates, making timely transactions the most popular way of using mobile wallets for bill pay. Quickly paying overdue bills is another relatively popular use for mobile wallets, with 13% of respondents doing so. These consumers were also more likely than the average to be highly satisfied with the mobile wallet bill pay experience.
Most mobile wallet users experience difficulties when making payments. Overall, 58% of mobile wallet bill pay users said they experienced an issue making payments in the last 12 months. Furthermore, we found that 71% of consumers who used mobile wallets to pay bills at least weekly experienced at least one issue in the last year. While the speed and convenience of mobile wallet bill pay trump these frictions, a mobile wallet provider that delivers a user experience with fewer frictions could differentiate itself in a crowded market.
Despite the popularity of mobile wallets, consumers cited security concerns as some of the most common reasons for avoiding mobile wallet bill pay. Among consumers who did not use mobile wallet bill pay, 35% said the most important reason was security, making this the most common objection from potential mobile wallet users. We also found that 33% of consumers expressed concerns about the security of their personal information, with 20% saying they were specifically concerned about secure authentication. These concerns are significant impediments mobile wallet providers must overcome to expand their user base.
Mobile wallets offer consumers a quick an easy way to pay bills, and although it is a popular method to use, many consumers are still on the fence. Providers must realize why these consumers are still unsure and invest in features to increase consumer confidence in the method. Download the report to learn more about consumers’ experiences with mobile wallet bill pay and what it will take to convert skeptical consumers.