Automatic Payments
With most consumers now paying their recurring monthly bills via digital channels, many are embracing convenience features such as automatic payment on the due date, according to “Streamlining Bill Payment,” which is based on a PYMNTS survey of 2,913 U.S. consumers.
The most common types of bills that consumers pay each month are mobile phone (72%), home internet (67%), insurance premiums (50%) and cable TV (47%).
Among consumers earning more than $100,000 a year, about two-thirds use auto payments to pay mobile phone and home internet bills, and about one-half use them to pay insurance premiums and cable TV bills.
Of those earning between $50,000 and $100,000 annually, auto payments are used by 77% to pay mobile phone bills, 70% to pay home internet bills, 53% to pay insurance premiums and 51% to pay cable TV bills.
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