How Americans Pay Their Bills: Sizing Bill Pay Channels and Methods, 2020 Update

Among the 15.5 billion bills paid in the last year, approximately 10 billion, or 65%, are made as one-time payments.

Boston, September 22, 2020 – Though evolution in bill payment has meant adding new channel support and expanding the range of payment methods accepted, traditional methods such as ACH still dominate the bill pay space. But paying bills on either a financial institution’s website or a biller’s website is a complicated and friction-prone task for consumers. The market is due for new bill pay solutions to improve the customer experience and to help banks and billers capitalize on better digital consumer experiences and interactions.

This report, sponsored by BillGO, sizes the channels and methods consumers used to pay their most common bills in the last year and analyzes bill payment volume and gross dollar volume across the 30 most popular bill categories. Based on a Q2 2020 Aite Group survey of 3,039 U.S. consumers, it uncovers insights into how all generations are conducting bill payment activities and how the COVID-19 pandemic has affected these activities.

This 105-page Impact Report contains 19 figures and 68 tables. Clients of Aite Group’s Retail Banking & Payments service can download this report, the corresponding charts, and the Executive Impact Deck.

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