Online banking is now easier to do than ever, with automatic payments easily managed through web portals and other online tools accessible through PC and mobile. A recent study conducted by Juniper Research reveals that these types of payments are on the rise, and by the end of the year an expected 20 billion bill payments in total will be made online. According to Juniper, this will represent approximately 16 percent of all household bill payments, which illustrates just how popular online payments are becoming.
Not only are digital payments generally easier to access for most customers, but they are also easy to manage, which is why more people are choosing to make bill payments online instead of mailing out checks. Juniper Research (News - Alert)'s report also suggests that the usage of online bill payments will continue to increase over the next five years. Several consumers, especially those within Generation Y, are finding several advantages in using both immediate and mobile channels to access their accounts at any time. This ultimately grants higher levels of both agility and control.
Despite the fact that more people are turning to mobile devices for bill payments, the study also found that PC and tablet users are by far producing the higher transaction values. In general, consumers seem to trust their own private networks with access to their payment information more than public mobile networks.
Some vendors are already trying to attract mobile banking customers with smart wearable devices. However, if the slower adoption of mobile banking than PC banking can be used as any indication, such services may be slow to gain popularity. Nonetheless, mobile banking is still increasing, so there is still quite a bit of hope for wearable banking vendors.
Edited by Maurice Nagle
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