Customer and its acute presence are very important on any financial platform. The adoption of newer methods happens when customers are comfortable experimenting. This is a tricky factor. But if customers get ready, the platform experiences rapid growth. But very few customers are willing to experiment, especially with a bank transfer.
A study suggests that 29% of customers are willing to experiment with a newer payment method. They are very or extremely interested in this type of experiment. We also see that the younger generation is more willing to try out new payment methods. They are most interested in online bank transfer. Most FIs and merchants view the younger generation as their target customer group.
We also have an interesting statistic here. 23 percent of the customers can pay more money to get a better billing experience. This is crucial as customers want even their billing experience to be good. This is a unique conclusion, as experience matters a lot.
A PYMNTS and Nuvei collaboration asked people about their decisions as a customer. Thirty-seven customers say that they use online bank transfer for recurring payments. Also, twenty-six percent say that it is their preferred way of payment. The FIs and merchants say that they want to convince them to use it for shopping as well.
Thirty-five percent of people want to use online bank transfer. When asked for a reason, they said it was for speed. Customers want to get some benefit out of the payment method they are using. They can spend more money if they get a better experience. 29 percent of customers who earn more than 100,000 dollars can pay more to get a better system.
Forty-six percent of people already know what online bank transfer is. They are familiar with the digital payment system. They often use it to make payments. More customers should get used to online bank transfers during merchant checkout.