Consumers and businesses have more choice and access to safe and secure payments than ever before. Financial institutions are working to provide access to all consumers.
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Access
Consumers and businesses have more choice and access to safe and secure payments than ever before. Financial institutions are working to provide access to all consumers.
of consumers use some form of credit, debit, or other electronic payments.
of consumers made at least one type of mobile payment last year.
of checking accounts are associated with a debit card.
Convenience
Thanks to electronic payments, consumers and businesses have the convenience of making purchases and conducting transactions from home, at work, and on the go. Contactless payments make shopping safer and faster. They enable online shopping and delivery, curbside pickup, mobile payments, and checkout-free retail making life more convenient for consumers and businesses.
More than half (51%) of Americans are now using some form of contactless payment. Contactless transactions are expected to increase 256% in 2020.
Over half of credit and debit cards will have contactless technology by mid-2021. 58% of consumers who have used contactless payments in the past say they are more likely to use them now than before the outbreak.
Security
American Electronic payments companies are reducing fraud that targets consumers and businesses. However, fraudsters have used the coronavirus pandemic to launch new scams. Financial institutions are fighting back.
Billions Invested
Payments companies have invested heavily in artificial intelligence, machine learning, and analytics to detect and stop card-not-fraud, costly chargebacks, and fees in real time. According to estimates, this approach has saved consumers and businesses billions of dollars.
Chip Card Implementation
The implementation of chip cards has cut counterfeit fraud by 87%. Chip cards are now accepted by more almost 4 million merchants, over an 800% increase since 2015.
Innovation
Financial institutions are innovating how we pay and delivering new technologies to make payments faster, safer, and more convenient.
During the coronavirus pandemic, 65% of U.S. consumers have tried a new payment approach for the first time. Mobile and online payments are becoming essential to commerce.
Biometric cards have built-in scanners that authorize payment through a fingerprint. Remembering and punching in a PIN code will become obsolete.
Many cards are now employing tokenization, protecting your sensitive account information allowing payments to be processed using a unique digital identifier.
Faster Payments – Instant payment networks offer immediately available funds from person-to-person, from customer to merchant, or from a business to a customer for transactions like refunds or insurance claim payouts.
About Us
American Payments is a coalition of financial institutions providing the most accessible, innovative, and safest payment system for consumers and businesses.
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