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Walk-in Bill Payment: The Rational Option for the "Cash-Preferred" Market

Published by: TowerGroup

Published: Feb. 18, 2008 - 10 Pages


Table of Contents


Report Coverage

Why Are Cash-Preferred Consumers Important?

Exhibit 1 US Households by Banking Status: Banked, Underbanked, or Unbanked (2007)

Agent-Accepted Walk-in Bill Payments

Exhibit 2 Walk-in Bill Payment Flow: Contracted vs. Noncontracted

Walk-in Payment Providers

Exhibit 3 Top Walk-in Payment Providers Servicing the United States (2008)

Summary

Abstract

Online and mobile channels combined with electronic payment methods receive all the hype and glory, but another channel and payment method should not be ignored by financial institutions: walk-in bill pay using cash to fund the payments. Over 80% of walk-in payments are made with cash submitted by consumers without bank accounts, with limited banking relationships, or with a strong preference for dealing with alternative providers. This TowerGroup Research Note introduces the "cash-preferred" consumer segment, describes agent-initiated payments and the vendors providing the bill payment capture applications, and provides insight into the future of this market segment.

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