It’s catching on like wildfire. The way e-Commerce appears to be conquering the world of B2B and B2C transactions, the latest news from the data world is not surprising that the electronic payment system has been skyrocketing as well.
Going by the pace at which this world of convenience shopping and payment solutions have influenced the consumer and corporate world in the recent years, one can easily see the day coming very soon, when handling physical cash would be a thing which may be a subject for historians and archaeologists to unearth and study! Anyone who does not understand cashless transaction would be called an ‘illiterate’ in society.
ACH Network transactions have multiplied like never-before across the world, clearly indicating the banker’s and customer’s preferences for adopting the methods of digital fund transfers and online or card-based payments to the traditional processes. This has been validated by the findings of the Electronics Payment Association NACHA, in a recent survey.
The figures are astounding as the results of the survey indicated :
$25.6 billion | Amount of 2016 overall ACH monetary transactions
5.3 percent | Percentage increase of ACH transactions from 2015 to 2016
52 percent | Percentage increase in number of ACH same-day direct deposits
12 billion | Number of ACH debit transactions processed
38.5 percent | Percentage of P2P payments increase
One does not need any more evidence to confirm the phenomenal growth that’s being experienced on a day-to-day basis in this segment of the economy. Right?