More Consumers Prefer Digital Payment Options for Bills, But are Wary of Debt Collectors: Report

Digital payment preferences are rapidly increasing among U.S. consumers, offering both opportunities and challenges for professionals in the credit and collection industry, according to the results of a report released this week by ACI Speedpay. With more than three-quarters of Americans now opting to pay their bills digitally, this shift is particularly pronounced among younger generations, such as Gen Z and Millennials, who favor mobile payment channels through apps and digital wallets like Apple Pay and Google Pay. However, this digital shift is accompanied by increased risks, notably online identity theft, affecting nearly one in five consumers. The proliferation of scams is making it harder for collectors, the report notes, because consumers are becoming increasingly uncomfortable sharing personal information with strangers. Key insights: Learn more.