The Decline Of Checks Leaves Room For Instant Payments As retailers stop accepting personal checks, financial experts predict a rise in instant payment methodsThe landscape of payment methods is undergoing a dramatic transformation, invoking questions about the future of traditional financial transactions. The US, however, has been slower on the uptake due to well-established intermediary services like PayPal that facilitate instant payments without needing direct bank transfers. There are still numerous people lacking access to mobile technologies and banking services, making the switch to instant payments feel foreign or unmanageable. As consumers navigate this crucial juncture, they often find themselves grappling with the potential perils of irrecoverable instant transactions. As checks become less common, instant payment solutions appear poised to fill crucial gaps, promising improvements in both convenience and security.

Source: Washington Post August 01, 2024 15:14 UTC