Online Bill Payment May Exceed $200 Billion in 2003, NACHA Says
HERNDON, Va. - NACHA - The Electronic Payments Association NACHA estimates that the dollar amount of online bill payments could surpass $200 billion in 2003. "Online bill payment is now a mainstream consumer activity," said Elliott C. McEntee, President and Chief Executive Officer of NACHA. "Tens of millions of consumers now pay bills online, and the potential for continuing growth is substantial." During the first quarter of 2003, NACHA estimates that more than $48 billion in online bill payments were made in which the Automated Clearing House (ACH) Network was the payment system used. That figure is half of the amount of $96 billion for all of 2002. At the current growth rate, the amount would exceed $200 billion for all of 2003. In contrast, a recent survey estimated online sales figures of $76 billion for 2002 and $96 billion for 2003.