60% of Consumers Use Digital Wallets for Bill Payments

Consumers are increasingly adopting mobile wallets to remove friction from payments.

For PYMNTS’ study “Digital Bill Payments: Frequent Mobile Wallet Bill Pay Users the Most Satisfied,”created in collaboration with ACI Worldwide, we asked more than 2,100 consumers about their digital wallet experiences of the past year and found satisfaction among users.

Sixty percent of consumers reported that they have used mobile wallets to pay bills. That’s an increase from the fall, when 49% of consumers did so.

The study found that 89% of mobile wallet bill pay users are at least somewhat satisfied with the experience of paying bills using a mobile wallet, and 61% reported being very or extremely satisfied. Thirty-nine percent of those users are bridge millennials and 38% are millennials, who frequently use mobile wallets to pay bills. Overall, 23% of consumers used mobile wallets to pay bills at least weekly.

Satisfaction is highest among frequent users who have tapped into the ability to consolidate bills and pay them in one place.

“The bills consumers pay the most often using a mobile wallet include those for a mobile phone, credit card and home internet,” the study found. “Consumers report high satisfaction with these experiences, possibly owing to the ability to pay routine bills quickly and smoothly. Forty percent of consumers paid mobile phone bills, and 72% of these consumers were highly satisfied. Forty percent paid credit card bills, with 66% saying they were highly satisfied. One-third paid for home internet using a mobile wallet, with 75% saying they were highly satisfied.”