Survey indicates users growing comfortable with paperless transactions
Consumers are ready and willing to embrace high-tech payment services, according to a recent study from Viewpost.
The company, a supplier of transaction networks for businesses, surveyed 1,000 U.S. consumers and found that 80 percent support “futuristic” payments technologies and currencies, including sensor fingerprinting, facial recognition, retinal scanning and voice control, as well as currencies like bitcoin.
Fifty-one percent of people said they’re paid electronically via direct deposit, which Viewpost said demonstrated a growing comfort level with paperless transactions and online payments. One-third of people surveyed believe paper checks will die within the next five years, while 83 percent said paper checks will be completely eliminated within the next 20 years.
According to Viewpost CEO Max Eliscu, “People are willing to embrace a more convenient, frictionless payments future. 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.”
While there’s no hard launch date for these new technologies to become mainstream, 50 percent of those surveyed believe fingerprint technology will be used for authentication to pay and receive payments over the next 10 years, and 18 percent said they see themselves using voice control to make payments by 2027.