Consumers Are Ready For Futuristic Payment Technology

By Author: excelr Tuhin
Total Articles: 29
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80 percent of US residents support payment methods and technologies , 1,000 consumers were surveyed and the results of this survey found the following:
• About 51 percent of survey participants were paid electronically through direct deposit.
• Eighty-three percent of respondents think traditional checks will be completely phased out within the next 20 years, and a third of these believe checks will expire in just 5 years.
• Only 11 percent of companies will continue their paper-based accounts.
• 54 percent of the companies believe that they will use the automatic payment service through bank accounts or credit cards.
• 52 percent think payments will be made through mobile applications.
• 21 percent consider the virtual currency "bitcoin" as a very reliable currency within the next 10 years.
"New technologies in the area of payments continue to deliver more typing and simplification, better security, and collaboration, as well as notifications and faster availability of monetary funds." Said Pat McMonagle, director of payments operations at Viewpost.
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The arrival of faster payment methods has come to increase security and control the reduction of fraudulent payments.
According to survey results, many consumers expect advanced technologies to keep them safe:
• 50 percent of respondents think fingerprint technology will be used for authentication within the next 10 years.
• 35 percent thought that facial recognition will become a key element for authentication of payments within the next 10 years.
• 32 percent rely on facial recognition for electronic payment security.
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