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Complete Story
07/14/2023
Consumers Have Ditched Cash and Paper Checks – Why Haven’t CFOs?
PYMNTS
In today’s hostile macroclimate, every competitive edge counts for businesses looking to navigate ongoing headwinds.
One area that is receiving increasing attention is commercial payments, which have historically been riddled with frictions and mismatches when it comes to how firms pay and get paid.
“There’s still an awful lot of cash and paper checks being used,” Judith McGuire, senior vice president, global products at Discover Global Network, Updated to include registered mark, told PYMNTS CEO Karen Webster. “Particularly in the Asia-Pacific region.”
McGuire explained that despite the world’s pivotal phase shift to digital payments, 62% of companies use cash to pay for commercial goods and services1.
This is a staggering number, especially considering the benefits that digital payments offer.
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