New Aite Group study shows that at least three-quarters of U.S. households making credit card payments prefer to make one-time payments.
Boston, July 27, 2017 — Aite Group’s latest report, U.S. Credit Card: How Consumers Pay Their Bills, shows how different generations pay credit card bills, including one-time versus recurring payments. An estimated 1.8 billion credit card bills were paid in 2016, and billers’ websites were shown to be the most popular payment method for all generations except seniors, who prefer to pay more bills by mail.
Even though consumer payment activity is shifting to online channels, consumers want more control over how and when they make their payments. “In 2016, 23% of respondents set up recurring payments for their major credit card bills, and 20% set up recurring payments for their retail/department store credit card bills, which is below the industry average (30%) across 29 bill payment categories,” says Aite Group senior analyst Tiffani Montez.
This report sizes the credit card bill gross dollar value in 2016 by payment methods and channels, dives into the number of bill payments made by method and channel, and uncovers insights into how all generations—millennials, Gen Xers, baby boomers, and seniors—conduct bill payment activities. It is based on a Q3 2016 Aite Group survey of 2,429 U.S. consumers with a sample of 1,942 consumers who indicated their household paid a credit card bill.
About Aite Group:
Aite Group is a global research and advisory firm delivering comprehensive, actionable advice on business, technology, and regulatory issues and their impact on the financial services industry. With expertise in banking, payments, insurance, wealth management, and the capital markets, we guide financial institutions, technology providers, and consulting firms worldwide. We partner with our clients, revealing their blind spots and delivering insights to make their businesses smarter and stronger. Visit us on the web and connect with us on Twitter and LinkedIn.