Based on a 2023 survey of over 3,000 U.S. consumers, the report finds that ACH leads medical premium payments with $74.4 billion in volume, followed by credit and debit cards. Paper checks and cash are declining in use. Most consumers now prefer receiving bills electronically, with 35% opting for digital-only formats. Payment security is the top priority for 83% of respondents, followed by speed, especially among millennials. Banks processed over $20 billion in premium payments, primarily from older users. To stay competitive, banks must target younger demographics and enhance digital payment experiences.

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