‘Simple’ Will Be Instant Payments Breakthrough Innovation
November 15, 2019
When the history of the paper check is written someday, scholars will not note it was the best payments form, nor the fastest, cheapest or most beloved. Paper checks in the closing days of the 2010s are not only less than beloved, they are also widely disliked. Consumers almost never write them and don’t really enjoy getting them, and businesses don’t particularly like cutting them since they’re expensive, inefficient and present a host of security risks.
But what the paper check lacks in popularity it makes up for in sheer persistence — after a decade of proudly proclaimed plans to “kill the check,” the check just keeps on living. And for a very simple reason, Ingo Money CEO Drew Edwards told Karen Webster in a recent PYMNTS interview: the check works consistently if not brilliantly. It works particularly well in what Edwards called the “ad hoc” payments market wherein large enterprises have to make a one-time payout or series of payouts to a consumer or another business.
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