Consumers Are Ready to Embrace ‘Futuristic’ Payment Tech

Consumers Are Ready to Embrace ‘Futuristic’ Payment Tech

By Richard Adhikari

Jul 14, 2017 1:28 PM PT

As many as 80 percent of U.S. residents support frictionless payment methods and technologies, suggests a survey of 1,000 consumers
Viewpost published this week.

Among its other findings:

  • Nearly 51 percent of survey participants were paid electronically through direct deposit;
  • Eighty-three percent of respondents believed paper checks would be eliminated completely within the next 20 years, and one-third expected their demise in just five years;
  • Only 11 percent thought companies would continue to use paper-based billing;
  • Fifty-four percent believed companies would use automatic billing via customers’ bank accounts or credit cards;
  • Fifty-two percent believed payments would be made via mobile apps; and
  • Twenty-one percent saw bitcoin becoming a viable currency within the next 10 years.

“New technologies in the payment arena continue to bring more digitization and simplification, great security, and collaboration, as well as notification and faster availability of funds,” said Pat McMonagle, director of payment operations at Viewpoint.

“For example, a payment through the Zelle network is much faster and more secure than a paper check,” he told the E-Commerce Times.

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