According to recent RFi research, millennials continue to be frustrated with managing direct debit. BPAY is providing new ways to keep millennials in control and stay on top of their direct debit.
Nearly three-quarters of millennials (25-34 year olds) find the direct debit process difficult to manage when paying bills.
Nearly three in four (73%) of Australian millennials are frustrated with managing direct debit payments, according to a recent RFi survey.
The survey of over 2,000 millennials consumers in March found 29% are concerned about not having enough money in their account when direct debits are processed, and are worried about when money will be taken out of their account.
A quarter (25%) of millennials said they’re also worried about updating their bank card when it expires in time before the next round of direct debits come out, while 20% said they’re not sure how much money they’ll be charged for their bills.
“The research shows that millennials are the most frustrated age group when it comes to managing their direct debit, but it doesn’t have to be this way,” said Keith Brown, BPAY Group General Manager Product, Scheme and Business Development.
“When you use BPAY you are in control. You can choose what to pay and how much to pay.
“Unlike direct debit, you can easily change a scheduled bill payment at any time and it’s easy to use BPAY to schedule your bill payments.”
The research also found that half of millennials would prefer to use BPAY if it’s an option rather than direct debit.
“BPAY is still the preferred way to pay bills and is used by over 60% of all Australians over 18.”