The days of opening your wallet and wondering where your money has gone are well and truly in the past, as BPAY’s Usage and Attitudes Survey for 2014 shows.
The days of opening your wallet and wondering where your money has gone are well and truly in the past, as BPAY’s Usage and Attitudes Survey 2014 shows.
Last year, we modified the way we collect the information for the research, asking 1000 respondents to diarise their payments and reflect on their attitudes towards paying bills.
Each payment that participants made throughout their day was captured in a diary. What BPAYfound was that a little more than nine payments were made on average in a day. It’s not surprising cash is still the most frequently used payment method, accounting for 3.7 of these payments.
But when it comes to electronic and bill payments the results clearly indicate most payments come not from the payer's wallet, but through electronic means, with BPAY leading the way.
According to the research, BPAY is the most popular payment method, with 22 per cent of all bills paid this way. This was closely followed by direct debit, with 21 per cent of bills paid using this method and just 12 per cent paid via credit card.
In addition, 10 per cent of payments are paid with debit cards and only eight per cent are made using the ‘pay anyone’ online banking option, which the research shows tends to be used by small businesses.
So when are we using BPAY? A total of 17 per cent of BPAY payments are for credit card bills, and 12 per cent of payments are for mobile phone bills. We also use BPAY to pay our utilities, with nine per cent of all BPAY payments for electricity, and eight per cent for water and landline bills.
BPAY is also the most frequently used payment choice, with 66 per cent of respondents using it as a payment method at least once a month and 45 per cent using it at least weekly.
BPAY is ahead of the rest in another important way. People who pay with BPAY tend to pay their bills earlier than those who use other methods. On average, BPAY users pay their bills 16 days before their bills are due, with the average across all payment choice being seven days. These results show why offering BPAY makes good sense for Australian businesses from a cash flow perspective.
Please note: the above research is based on BPAY Usage and Attitudes survey, 2014
Published by BPAY Pty Ltd. BPAY is offered by over 150 Financial Institutions. Contact your Financial Institution to see if it offers BPAY and to get the terms and conditions. This is general advice – before using BPAY please review the terms and conditions and consider whether BPAY is appropriate for your personal circumstances.