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PayNearMe builds technology that leads to better payment outcomes for businesses and their customers.
Learn MoreCOVID-19 Payment Trends
We monitored payment behavior during COVID-19 to bring you insights and trends.*
When Utility Bills Get Paid
Outside the 9 to 5
When given the option to make cash payments 24/7, more than 41% of utility bills were paid outside the standard M-F, 9:00-5:00 hours.
Weekend Warriors
A significant number of utility bills (23%) were paid over the weekend, showing that weekdays may not be ideal for all cash payers.
Auto Loan Origination Trends Compared
Loan Originations Level Off
We saw a steep decline in auto originations from mid-March through the end of May, with a mild recovery occurring over the summer months.
Annual Trends Appear the Same
Despite sloping in different directions overall, this year's origination trends look to mimic the boom and bust periods of 2019, giving us a glimpse of what could happen in the rest of 2020.
How Payment Types Have Fared in Auto Lending
The Stability of ACH
Of the three main tender types, ACH payments have remained the most steady for auto loan repayments—possibly due to their prevalence in autopay.
Cash Remains Important
Cash payments persisted, suggesting their necessity in spite of social distancing and shelter-in-place mandates.
How Stimulus Direct Deposits Were Spent
Rent and Loan Repayments See a Big Jump
The largest share of payments were for rent and the repayments of auto & personal loans, with a small bump in utilities.
Government Payments Remained Below Expectations
After direct deposits began, payments to the government (e.g. child support) through our network remained slightly below expectations.
The Impact of Stimulus Payments on Lending
Direct Deposits Drive Electronic Payments
Debit card and ACH payments skyrocketed to nearly 50% above expectations days after the stimulus program direct deposits began.
Cash Payments See Modest Boost
Cash payments saw a modest bump, as some consumers may have converted their direct deposits into cash. For the unbanked and those without electronic deposit, we believe total impact from the stimulus program can not yet be seen.
*Analysis of a statistically significant sample of millions of bill payments made by U.S. consumers through the PayNearMe network between March 1 and April 17.
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