Because of their constancy and ease of use, online bank transfers have become popular for paying routine costs. One-quarter of consumers who tried online bank transfers, also known as pay by bank transfer, for the first time in the previous year did so for one reason: to earn reward points.
31% of millennials prefer to use a payment method in order to gain points or rewards.
Furthermore, 26% of consumers stated that if they could obtain incentives, they would employ pay-by-bank transfers for retail transactions. Millennials were the most likely to say this.
These are some of the important results from “New Payment Options: The Lure of Payment Method Rewards,” a Nuvei partnership. The study looks at customers’ readiness to use online bank transfers for regular bill payments and online purchases provided the payees offer incentives. The findings are based on a census-balanced survey of 2,056 US consumers conducted between January 10 and 13.
