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Online bill payments may exceed $200 billion this year if the trend keeps moving in the direction it did in the first quarter.
A report from NACHA, the Electronic Payments Association, a nonprofit group representing more than 12,000 financial institutions, says that in the first three months of the year, more than $48 billion in payments were made using the Automated Clearing House Network, the central online payment system for E-payments.
That's already half the total of all online payments made in 2002, signifying an aggressive growth rate. That growth is expected to continue as more and more consumers and businesses begin to engage in online bill presentment and payment, the report says.
NACHA develops the operating rules and business practices for the Automated Clearing House Network, and for electronic payments in areas including Internet commerce, electronic bill and invoice presentment, and E-checks.