Good news for retailers providing walk-in payment services! Traditional bill payment methods are still the choice among the roughly 106 million underbanked. According to a new study by Aite Group, 41% of unbanked / underbanked prefer to go to a retailer to pay their bills; while 45% use the mail. The remainder use online services or the phone. “Electronic bill payment methods have a long way to go to gain greater acceptance among the unbanked and underbanked” says Gwenn Bézard, research director with Aite Group and co-author of this report.
Walk-in bill payment services have been a great way for retailers to expand their financial service product offering; while building consumer loyalty and earning monthly commissions. With no inventory required and nominal start up costs it’s kind of a no brainer for store’s who have a high percentage of underbanked consumers.
To learn more about the Aite report, visit http://www.aitegroup.com/reports/201002162.php. Read more on offering in-store bill payment services at AllTrust Networks.
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Look at recent Digital Transactions article for more detail as well, see http://www.digitaltransactions.net/newsstory.cfm?newsid=2451