Study: Majority of shoppers favor ‘next-gen' payments

Consumers are ready to leave paper-based checks behind.



In fact, 80% of Americans are in support of "futuristic" payments technologies and currencies, including tools like sensor fingerprinting, facial recognition, retinal scanning and voice control, as well as currencies like bitcoin. This was according to research from Viewpost, a B2B network provider for invoicing, payments and cash management.



A mobile-based future is definitely on shoppers' minds, with 52% saying they believe that payments between companies and customers will be exchanged via mobile app. Even previously maligned technologies like bitcoin are seeing acceptance, as some 21% of consumers see it as a viable currency within the next 10 years.



Other notable 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 10 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.



As these innovative solutions gain traction, respondents are growing increasingly unenthusiastic about traditional paper checks. One-third of shoppers think that paper checks will die within five years, and 83% believe they will be completely eliminated within the next 20 years.



Similarly, only 11% of Americans think that companies will bill their customers via paper in the future. Meanwhile, over half of Americans (54%) believe that companies will bill their customers via automatic payments from their bank account or credit card.



"People are willing to embrace a more convenient, frictionless payments future," commented 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."



Electronic invoicing and payments are just the beginning, according to Eliscu. 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," he said.