Payment Methods

Americans Want Paper Checks To Die (#KillTheCheck)

Cash is garnering less interest among American consumers, who are excited about mobile payments. That’s according to a new survey from Viewpost, which polled 1,000 consumers in the U.S.

According to a news report covering the results of the survey, greater than half of Americans polled said payments between consumers and businesses will be done largely via mobile payment apps in the future. Of the survey respondents, 11 percent said they think companies will continue to bill them via paper checks in the future, while 54 percent think they will get bills via automatic online payments from their bank account or credit card.

“People are willing to embrace a more convenient, frictionless payments future,” Viewpost CEO Max Eliscu said in a released statement covered by the report. “Paper invoicing and checks are well on their way out in the consumer setting, and more businesses across the spectrum are beginning to follow suit with transactions among their trading partners. But electronic invoicing and payments are just the beginning — the future of the payments industry is highly dependent on leveraging innovation like biometrics, data integration and a growing variety of payment methods to securely drive more volume with visibility, speed and simplicity.”

The survey found that close to 51 percent said they have paid for something via an online payment in the past through direct deposit. As for paper checks, one third of those surveyed said paper checks will be gone over the next five years, while 83 percent are betting they will be a thing of the past within the next 20 years.

What’s more, 80 percent think the future will be a lot easier thanks to payment technologies and smart technology such as fingerprint sensors, facial recognition, voice technology and retinal scanning. The survey, noted the report, also showed that one in five think cryptocurrency, such as bitcoin, will be a realistic option in the next 10 years.

——————————–

Featured PYMNTS Study: 

With eyes on lowering costs to improving cash flow, 85 percent of U.S. firms plan to make real-time payments integral to their operations within three years. However, some firms still feel technical barriers stand in the way. In the January 2020 Making Real-Time Payments A Reality Study, PYMNTS surveyed more than 500 financial executives to examine what it will take to channel RTP interest into real-world adoption. Here’s what we learned.

Click to comment

TRENDING RIGHT NOW