Most Mobile Banking Users Pay Bills with Apps

March 30, 2016, Written By John H. Oldshue
Mobile payments and near field communication. Transaction and paypass and NFC. Vector illustration

Nearly three-quarters (73%) of mobile banking customers use mobile payment apps to pay bills, according to a new study from S&P Global Market Intelligence.

In addition, 41% of respondents said they use mobile payment apps for retail purchases, and 34% said they use them to collect and redeem rewards points.

In terms of person-to-person transactions, 23% of mobile banking users said they use payment apps to send money to friends. 12% said they have received money from friends through these apps. The latest update of the PayPal app allows for more convenient P2P money transfers, giving users the chance to organize their contacts into special groups to send and request money on the fly. Bank of America recently changed their mobile app to all for real time person to person payments. These updates and others like them could increase the use of this feature even more in the future.

A separate study from Fiserv revealed that consumers are now far more likely to pay bills through their phones than they were years ago. 33% of Internet users in the United States say they use mobile bill pay, up from 27% in 2014 and 6% in 2011. The biggest growth in the mobile bill payment market happened between 2013 and 2014, jumping from 16% to 27%.



The information contained within this article was accurate as of March 30, 2016. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.