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Oct. 27, 2008
Near Field Communications (NFC)
Article presented one side very well. The other side:
99% of US households earning $60,000 or more have a checking account.
68% of Americans report that they feel more confortable paying by check than any other method because of the increased vulnerability to identy theft linked with debit/credit card usage.
59% of all consumers would rather shop where checks are accepted.
50% 0f point of sale purchases are made by check.
The majority of consumers believe checks are a more responsible form of payment compared to credit cards.
The value of checks written is more than five times greater than the value of all debit/credit card transactions combined.
ACH electronic payments are in fact check transactions not plastic and are treated as such.
Source for this data: Federal Reserve Payments Study; Federal Reserve Survey of Consumer Finances; The Gallup Organization; The Credit Union Journal and The Check Payment Systems Association.
Checks will be around for a long, long time as consumers will demand alternatives to their payment options. In fact there is strong evidence that the payment pendulum is swining back towards increased check usage due to card max out and totaly unrealistic card fees (even the government is stepping in to regulate the plastic greed and gouge.
Dr. Bill Chapman
Industry Performance By The Numbers (3Q ...
5 Areas Of Innovation All Credit Unions ...
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