Mobile Bill Payment is Growing Very Fast: Reports

The mobile bill payment is growing very fast in the youngsters these days. The bill payment through mobile is getting more popular all over the world. A new report released in 2010, says that the mobile payment is the fastest growing channel in the US consumer market. Specially the people who are in the age group 18- 34 are very much interested to make mobile bill payments and they feel comfortable with the mobile bill payment. The report is given by the AITE group which conducted the research on 4696 consumers in U.S.

The AITE research and advisory firm says that the number of bills paid by Americans through their mobile phones will grow to 377% in the year 2010 – 2013. The study analyzes the present growth of bill payments through various options. The payment through online will grow to 18 %, using the debit cards will be 4% and through payment calls it will grow to 1%. The study also found that there is decrease in the direct person bill payment and mail bill payment of 5% and 6% respectively.

Worldwide, the mobile bill payment users will increase to 1.5 billion by the year 2012, and it will grow to 1 trillion in the future, according to the GSM Association.

Overall the globe volume of payments will increase to $ 170 billion this year, and it will grow to $630 billion by the year 2014, according to a report from Juniper Research.

The new survey conducted by the Accenture has published that the mobile users who were very much interested in mobile payments were in Asia with 69%. Americans and Europeans are less interested in mobile bill payment with 26% in both countries.