If There Are Rewards Involved, Millennials Will Use Their Bank Accounts To Pay Businesses

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Online bank transfers have become popular for paying regular expenses due to their consistency and convenience of usage. One-quarter of customers who attempted online bank transfers, commonly known as pay by bank transfer, for the first time in the previous year, did so for a specific reason: they could earn reward points.

31% of millennials prefer to utilize a payment method because they may earn points or prizes.

Furthermore, 26% of customers said they would use pay-by-bank transfers for retail transactions if they could receive incentives. This was most commonly said by millennials. 

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.