Technology Provider Network: February 2006 e-Update

Consumers' desire for greater convenience and control over the payment process is the leading driver of change in the consumer payments landscape.  Consumers will substitute credit card, debit card and ACH transactions for check remittance payments at an increasingly rapid rate during the next five years.  By 2010, their use of electronic payment methods will overshadow payments via checks by a large margin.

Download the Whitepaper   ●   Participate in the Report   ●   Research Calendar

Consumers want the option to alter their payment behavior between methods and channels, adjust the frequency and timing of their payments, and utilize a third-party payer on a payment-by-payment basis. For example, a person who normally pays his or her utility bill by check might wish to pay an overdue bill by credit card over the phone to avoid service interruption. Paper checks cannot provide this level of flexibility. 

As a result, consumers are actively exploring payment options that will deliver the security, flexibility, and control they desire. Their swift adoption of credit cards, debit cards, and ACH transactions for remittance payments is an early indication of their preference for these payment methods.

At the same time, the Internet, email, and telephone (customer agent and voice response unit) are emerging as channels to supplement the mail. In the future, kiosks at retail sites that enable consumers to pay any biller may bring the process full circle back to a physical channel. What is clear is that consumers will continue migrating toward payment options that maximize their convenience and control over the payment process.

Download the whitepaper ●Participate in the Report ● Research Calendar

PayStream is preparing a Consumer Bill Payment Automation Buyer's Guide to be released in June, 2006.  The participation close date is March 2006.  Make sure you get your solution covered in this report.  Contact for more information on how to be a part of this buyer's guide.  See below for a full listing of upcoming reports and their descriptions.