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


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.