P2P Digital Payments like Chase QuickPay with Zelle are Increasingly being Used During COVID: Survey

Chase Bank has published the findings of its Digital Banking Attitudes Study— which was compiled after conducting a national survey of 1,500 consumers. The survey’s participants were asked about their preferences when accessing digital banking services. Consumers of all age different groups noted that these digital tools help them with saving time and are also fairly safe and provide a convenient way to manage their money.

Allison Beer, Head of Digital at Chase, remarked:

“The pandemic has demonstrated that digital banking is essential for consumers of all ages to confidently manage their finances. This new research reaffirms our commitment to creating features that make it easier and faster for customers to bank digitally with Chase.”

Fraud alerts, e-bill payments and mobile deposits are the most useful or important virtual banking tools and features according to survey respondents. They also noted that they preferred smartphones for taking care of their on-the-go banking requirements, like checking their account balances. Half or 50% of Chase clients responding to they survey said that the Chase Mobile app is a “must have.”

Consumers also mentioned that it’s a lot easier to take care of certain tasks that need greater levels of concentration, such as paying bills, when they’re stationary like working at a desktop or laptop computer.

The survey further noted that the COVID-19 outbreak led to many more consumers banking online instead of visiting physical branch locations. In fact, 54% of consumers revealed that they’re using online or digital banking platforms a lot more because of the pandemic (when compared to last year).

Based on these consumer behavior trends, it’s expected that Chase customers will keep using digital banking platforms a lot more frequently this year, the survey confirmed.

Peer-to-peer (P2P) payments, such as Chase QuickPay with Zelle, have been used a lot more during the Coronavirus pandemic to transfer money or to split the cost of certain purchases. Consumers said that they appreciate how these payment options make it easier to keep track of their spending in a way that’s contactless and also more convenient.

Other findings from the survey revealed that 30% of respondents claimed they had registered with P2P platforms during the past 6 months and almost half (45%) of long-term customers are using this type of payment a lot more than they did in previous years.

Notably, 13% of respondents stated that avoidance of paper currency notes and physical payment cards were among the top or main reasons for them using digital or online payment platforms during COVID.

Consumers also noted that they remain fairly optimistic even though the challenges they’re facing this year have made it a lot more difficult to manage their daily lives and finances. Around 40% said they’re planning to add more to their savings accounts in 2021, and believe that automated savings tools can help them.

This Chase study is reportedly based on a survey carried out from October 20-31 and November 9-10, 2020 among 1,500 respondents between ages 18-65. The respondents consisted of Chase Bank clients (750 respondents) and non-Chase customers (750 respondents).

As of Q3 2020, Chase claims 55 million “digitally active” customers, which represents an increase of 6% since the same time period last year. Chase clients are using the bank’s  QuickDeposit for around 40% of their check deposits, up significantly from 30% before the COVID outbreak, and over half of clients are now applying digitally for mortgages (about double the level from Q2 2019).

As covered, Allison Beer, Head of Digital at Chase, revealed that the banking institution had to accommodate a significantly higher volume of digital users in 2020. She also discussed what the bank believes we should expect to see in 2021.

 

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