By Rebecca Harris, Data Analyst –
Chartwell’s latest benchmark report, Expanding Mobile and ePay: Chartwell Benchmarks for Utility Payment Offerings, outlines payment trends in the utility industry based on Chartwell’s 2019 Payment Survey. According to the survey, electronic and mobile payments are poised for growth.
Chartwell’s survey data show that around the same number of customers use mail, autopay and web payments. Customers are moving toward automated clearing house (ACH) and automatic payments at the same time that payments via checks and mail – while still widely used – are decreasing.
Utilities report plans to offer more electronic pay options, like mobile apps, kiosks and pay by text. In fact, in the next two years, 77% of utilities could offer payments via their mobile app, while 60% could offer pay by text. That would make both options more widely-available than payments in business offices, and in-line with payments via phone calls with live agents.
These trends are in line with changes in the larger context of consumer payments. The 2019 Federal Reserve Payments Study shows e-commerce and recurring payments increasing at a rate of about 20% annually, while payments over mail and telephone remain stagnant.
For more of Chartwell’s research findings, overall payment trends and utility success stories, download Expanding Mobile and ePay: Chartwell Benchmarks for Utility Payment Offerings from the Insight Center today.