Will Online Bill Payment Spell the Demise of Paper Checks?

Topics:
Commercial Banking
Tags:
Bill Payment,
Electronic Payment,
Federal Reserve Bank Of Philadelphia,
Online Bill Payment
Source:
Federal Reserve Bank of Philadelphia

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Overview: Over the past several years, the emergence and adoption of electronic payment instruments have acutely affected check usage. Today, the rapid growth of online bill payment looks to threaten checks' last redoubt. However, bill payment technology is still in its adolescence; the interplay of many stakeholders in the industry, including technology firms, banks, billers, payment cards, and customers, has led to rapid, unscripted innovation in just a few years. This paper quantifies some of the trends in the industry while addressing the interests and impact of the market's prime movers in an effort to determine to what extent the displacement of checks will continue.

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Format: PDF | Size: 213KB | Date: Jul 2005 | Pages: 30

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