Consumers have already moved beyond banks to pay their bills — are mobile wallet platforms the next step?
How will consumers pay their bills in the future?
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The majority of US consumers already prefer to pay their bills online, either through bank websites or directly through the biller’s site. Looking toward the future, consumers could soon pay their bills in smaller, more frequent installments through popular mobile payment apps.
In part one of our Future of Payments series, we discussed how peer-to-peer payments are changing, and how they might one day bypass traditional banking rails and infrastructure. In part two, we examined how the shift to faster payroll payments could affect consumer payment and banking preferences. In part three, we looked at the point-of-sale, and how it’s changing online and offline. In part four, we discussed the massive market opportunity in B2B payments.
Here, we look at how consumer bill payments in the US are evolving beyond banks and direct billers.