Online and mobile bill payments are expected to exceed $20bn mark in 2014, accounting for nearly 16% of global consumer household bills in aggregate, reveals data from Juniper Research.
Titled "Developed & Developing Market Strategies 2014-2019," the report says that the trend is being driven by a growing consumer acceptance of transactional digital banking, and the overall growth in mobile banking adoption.
Mobile, PC or tablet payment trend will continue to grow over the next five years fueled by consumers desire for a multiple and immediate channel approach.
The study also says that despite an increasing number of mobile users making bill payments, PC and tablet users still account for higher transaction values.
Digital banking users choose the convenience and perceived security of the tablet or PC over the mobile handset.
Report author Nitin Bhas said: "Customers, particularly those of Gen Y, are attracted to banks that offer innovative and exciting new services.
"Banks are eager to capture these customers early and achieve ‘lock-in’. The ability to offer cutting edge banking applications and services is also a way for banks to secure customer loyalty and increase customer satisfaction."