BillGO

A new study by PYMNTS shows that increasingly more consumers are dissatisfied by current bill pay technology and would switch providers if they had better bill pay service.

In fact, 51% of consumers would consider paying a fee for a better bill pay service and half of survey respondents “would likely to change their billing providers” in pursuit of an “optimized bill pay experience.”

According to PYMNTS: “ … digital-savvy consumers, who tend to be younger and have higher incomes, expect a frictionless payment experience. An improved bill payment offering can help service providers increase customer satisfaction and engagement."

Learn more in our latest OnTheGO blog: https://www.billgo.com/blog/bill-payment-study

Why Consumers Switch Providers For Better Bill Payment Survey shows the impact of friction-free payment experiences on customer loyalty. Learn why consumers would switch providers for better bill payment experience.

As more and more consumers are living paycheck to paycheck, it is easy to understand why "buy now, pay later" (BNPL) has quickly become the preferred payment method for millions of consumers.

In fact, according to a new study from Aite-Novarica Group, 37 percent of users said buying now and paying later was “the only way they could afford the item they wanted or needed.”

The problem is though, that many consumers are mistaking BNPL as a money management tool instead of understanding what it actually is: debt.

That’s why policymakers around the globe are seeking clarification on BNPL’s ultimate impact “on consumers in such areas as fees, credit reporting, and identification requirements.”

BNPL providers are seeing growing credit losses, prompting industry players to advocate greater scrutiny of BNPL lending. Now, regulators are taking a closer look at BNPL, and lenders are seeking to understand how BNPL use might affect borrowers’ ability to meet other financial obligations," said Ariana-Michele Moore.

Learn more in our latest OnTheGO blog here: https://lnkd.in/e5DASvw3

Download the complete Aite-Novarica study here: https://lnkd.in/eRrats6k