A recent survey conducted by Viewpost on how American consumers view the future of payments and key issues around awareness of payment technologies reveals a high interest in biometric and “futuristic” payment options.
The company surveyed a cross-section of 1,000 U.S.-based consumers, finding that overall, 80% of Americans are in support of using tools like sensor fingerprinting, facial recognition, retinal scanning and voice control to make payments.
51% of consumers surveyed reported that they are paid electronically via direct deposit. The survey also revealed an increasing comfort level with paperless transactions, significant in driving consumers’ interest in even more sophisticated forms of electronic payment.
Respondents said they are unenthusiastic about traditional paper checks, as one-third of them think that paper checks will die within five years, and 83% believe they will be completely eliminated within the next 20 years.
Only 11% of Americans believe that companies will bill their customers via paper in the future, while 54% of Americans believe that companies will bill their customers via automatic payments from their bank account or credit card.
Consumers are focused on a mobile and app-based future, with 52% saying they believe that payments between companies and customers will be exchanged via mobile app.
“People are willing to embrace a more convenient, frictionless payments future,” says Viewpost CEO Max Eliscu. “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.”
Other findings include:
- Sensor Fingerprinting — 50% of Americans believe fingerprint technology will be used for authentication to pay and receive payments over the next 10 years
- Facial Recognition — 35% see facial recognition as a key authentication technology for making payments within the next ten years, and 32% of Americans trust facial recognition for securing electronic payments
- Retinal Scanning and Voice Control — These advanced biometric methods have gained traction in consumers’ consciousness, with some 31% citing retinal scanning as a viable technology for authenticating payments and 18% seeing themselves using voice control to make payments by 2027