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The Future of Payments: Predictions for 2017

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Another 2017 “Prediction” piece? But it’s almost February? (Yup and yup. We know we’re a little late, but there’s still 11 months to go!)

​So, with tongue in cheek, and without further ado, here are our payment industry predictions for 2017.

New Fed study shows that 97.6% of all business ​payments are made by paper check; volume expected to exceed 100% by 2020.

Check usage is on the rise. ​Who needs cash back or rebates? Who wants to use electronic payment methods? Who wants to kill more trees? But why? Because checks are way too easy!

New Money 2020 survey shows that there will be no more money by 2020.

​Goodbye cash. Hello bitcoin. ​Better start stocking up.

Career fraudster appointed to be head of security for ​Eighth Community Bank.

After two years of hacking the Eighth Community Bank, he’s now the Head of Security. Shocking, right? Well, not really! If he’s the only guy who could hack the bank, why not hire him to fix all the gaps?

Visa to phase out credit cards business by 2020.

​Checks it is. No more credit cards, no more points, no more cash back. Take a few minutes and buy some new checkbooks before the price is on the rise.

American Express considers name change: American Real Time is the leading contender.

Who wants ‘express’ payments these days? Apparently, American Express is feeling the pain of lagging behind. Real time payments is all the rage, hence the potential name change.

SpaceX to test impact of high speed payments during rocket launch.

Hopefully you get it by now – check usage is on the rise. SpaceX is taking advantage of this to test how fast a check payment can really get to a vendor. That’s all the details I have, so stay tuned as we uncover more.

“You’ve got to be joking”​ – says everyone who’s reading this.

You’re right, we are. So what’s really on the horizon for 2017?

We’ll keep it short and sweet: the rise of faster payments, electronic payment choices, and increased attention to security.

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