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Posted By:  ECT News Network on 07/16/2017 in Ecommerce Software / Services

US Consumers Psyched to Embrace Futuristic Payment Tech

US Consumers Psyched to Embrace Futuristic Payment Tech

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

Viewpost is a provider of electronic invoice and payment services to businesses. The company's services are available online and through mobile applications. 

CRM Buyer reports that the survey also found:

  • 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 Viewpost.

"For example, a payment through the Zelle network is much faster and more secure than a paper check," he told CRM Buyer.

Hi-Tech Security Expectations

The advent of faster payments has led to an increase in security and controls to reduce the probability of payment fraud, McMonagle said.

Based on the survey results, many consumers expect advanced technologies to keep them safe:

  • Fifty percent of respondents believed fingerprint technology would be used for payment authentication within the next 10 years;
  • Thirty-five percent saw facial recognition becoming a key payment authentication technology within the next 10 years;
  • Thirty-two percent trusted facial recognition for securing electronic payments;
  • Thirty-one percent considered retinal scanning as a viable payment authentication technology; and
  • Eighteen percent expected to be using voice technologies to make payments by 2027.

Read the entire article on CRM Buyer.

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