The ways people exchange money has changed significantly over the last couple of decades. Companies and consumers wrote over 40 billion checks in 2000. In 2012, they only wrote 20 billion checks. It only took 12 years for check writing to decrease by 50 percent.
It makes sense that people would abandon checks for faster, more secure payment options. Just think about how frustrated you feel when someone pulls out a checkbook at the grocery store. You have to wonder why they can’t use cash or credit cards like everyone else. What makes a handful of shoppers so committed to an outdated payment option that takes up so much time?
You can thank improvements in technology for giving shoppers better payment options that save everyone time. Thanks to today’s online technology, you can even send money to Brazil within a matter of minutes. All you need is an internet connection and computer. Within a few taps on your keyboard, you can send money to practically anyone in the world. You don’t even need to visit the bank.
Check out the following infographic to learn more about how money exchange has evolved over the years. You might discover that you could adopt a more efficient option for paying bills, borrowing money, and protecting yourself from fraud.
