Due to its dependability and ease of use, online bank transfers have grown in popularity for making recurring payments. In the previous year, 25% of consumers who attempted online bank transfers, also known as pay by bank transfer, for the first time did so with the intention of earning reward points.
A payment option is preferred by 31% of millennials because they stand to get rewards like points or prizes.
Furthermore, if given incentives, 26% of consumers claimed they would employ pay-by-bank transfers for retail transactions. Millennials were the ones who said this the most.
These are some of the significant outcomes from “New Payment Options: The Lure of Payment Method Rewards,” a Nuvei collaboration. The study examines consumers’ willingness to employ online bank transfers for routine bill payments and online purchases in exchange for incentives from the payees. The results come from a 2,056 US consumers poll that was performed between January 10 and 13 and was census-balanced.
