Online Payments Set for Continued Growth
Electronic payments are poised to continue dramatic growth. A recent study released by the Pew Research Center finds that currently 28 percent of adults say they pay their bills electronically. By 2011, however, 63 percent of households with Internet connections will pay their bills online, according to Forrester Research. With some 3.5 billion payments a year converting from mostly paper checks to electronic payments in the online channel, the vast majority of these payments are likely to be done by ACH.
Driving the growth in online bill payment adoption is the maturing of Generation Y, composed of people born between 1976 and 1990. The study predicts a 157 percent increase in the number of Gen Y households paying bills online.
Sources: ISO & Agent, Digital Transactions News
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