KUBRA Report Uncovers Shifts in Customer Payment Methods and Preferences for 2024
KUBRA’s Emerging Payment Trends Research finds rising customer demand for digital wallets, real-time payments, and BNPL.
TEMPE, Ariz.–(BUSINESS WIRE)–KUBRA, a leading provider of customer experience management solutions for some of the largest utility, insurance, and government entities, recently released a research report focused on the changing face of payments. This new report offers utilities valuable insights into evolving customer expectations regarding payment experiences.
Key Findings:
- Credit and Debit Cards Dominate: Credit and debit cards remain the top payment methods for most customers.
- Rise of Digital Wallets: PayPal, Apple Pay, Venmo, and Google Pay are rapidly gaining popularity.
- Mixed Satisfaction Levels: Only about half of the respondents are very satisfied with the ease, speed, and variety of current payment methods.
- Openness to New Methods: Many customers express eagerness to adopt new payment technologies, especially those offering real-time processing.
“At KUBRA, we continually strive to understand and anticipate the needs of our clients and their customers. Our 2024 research highlights a landscape where traditional payment methods hold strong. Still, there’s a significant shift toward digital wallets and real-time payments,” said Shaun Jackson, Senior Vice President of Marketing at KUBRA. “These insights allow us to guide our clients in enhancing their payment solutions, ensuring they meet and exceed customer expectations.”
Detailed Findings:
- Traditional Methods Still Rule, But Digital Wallets Are Rising: While 75% of respondents prefer credit cards and 71% prefer debit cards, digital wallets are becoming increasingly popular. Among digital wallets, PayPal leads, with 43% usage, followed by Apple Pay (27%), Venmo (24%), and Google Pay (17%).
- Customer Satisfaction and the Push for Real-Time Payments: Just over half of the respondents report being very satisfied with current payment channels, indicating a need for improvements in speed, security, and ease of use. Notably, 70% of customers now expect same-day or instant payment processing.
- Emerging Technologies on the Radar: Buy Now, Pay Later (BNPL) options are gaining traction, with 43% of respondents using BNPL for purchases. Meanwhile, cryptocurrencies are generating interest, but concerns over reliability and security hinder widespread adoption.
KUBRA’s research sheds light on the necessity for innovation and efficiency in payment solutions to keep up with changing customer demands. The report provides actionable recommendations, helping billers enhance their payment options, improve security, streamline processes, and stay updated on emerging technologies.
Download the full KUBRA Emerging Payment Trends Research 2024 report on our website to fully understand these trends and practical tactics.
Survey Criteria
This nationwide survey captured the responses of 1,017 adults 18 years or older who identified themselves as responsible for paying their bills and mortgage payments.
About KUBRA
KUBRA provides customer experience management solutions to some of the largest utility and government entities across North America. Our portfolio includes billing and payments, mapping, mobile apps, proactive communications, and artificial intelligence solutions for customers. With more than 2 billion customer interactions annually, KUBRA services reach over 40% of households in the U.S. and Canada. KUBRA is an operating subsidiary of the Hearst Corporation. Visit https://www.kubra.com for more information.
Contacts
Media:
Alison Copeland
Email: alison.copeland@kubra.com
Phone: 480.584.3041
