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What is Online Bill Payment

It is an online service for customers who don’t bother to waste their time in checks writing and mailing them. It is a safe way of letting people pay their bills of household or of another sort. It involves connections from the customer accounts for the withdrawal of funds electronically and then for the payment of recurrent or one time bills. This service is now provided by several banks and the other bill pay services. It is also called automatic or electronic bill payment.

Advantages

  • This service avoids the risk of time wastage by providing immediate services in term of paying bills.
  • Many people do not enjoy the old method of paperwork for any of the cases of payment. This method eliminated such unnecessary work given that the new method is available and accessible. Though for some people who are still in old methods, because of unavailability, lack of access to the internet or any other reason, the banks still provide the services of mailing and paperwork.
  • As access to the internet is getting increased and people are getting more aware of the online services and their advantages, these methods come to be environment-friendly.
  • In the market of intense competition, many banks, opt for getting a competitive advantage, have freed this service of online bill payment for their customers. Though the bill pay services still charge some.
  • For customers who are really busy with their jobs and all, paying heeds to these matters cost them of their time, even if the services are online provided, many customers are not in constant access of the internet. For such problems, the banks have also provided the service of automatic payments.

History

The online bill payment is an astonishing achievement in terms of technology and banking but after its inauguration in the early 1990s, it still remains unpopular due to low internet access in households. But with the increase in access to the internet the adoption of this service increased remarkably in 2000.

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