In an important milestone for the payments systems, automatic payments have exceeded check writing for the first time this year as the dominant method for paying recurring bills, according to a new study. The study, conducted by MasterCard, the American Bankers Association and Dove Consulting, shows that more than two-thirds of U.S. households (67%) now pay some recurring bills automatically, compared to those still writing checks (64%). Almost four in ten households link payments automatically to a credit card (38%) and three in ten households charge them automatically to a debit card (31%). Among automatic bill paying household, the number of bills paid automatically rose in the last five years from an average of 3.1 bill per household in 2000, to 4.4 bills today. During the same period the number of check written declined by almost 59%, from 4.4 to 2.4 among those households.
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As AI and digital assets become mainstream, banks are spotting new opportunities to integrate payments with other activities.
July 4 -
House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
July 3 -
A new partnership with Google Cloud will let the Spanish bank offer Gemini to all staff after a successful ChatGPT deployment.
July 3 -
Atlanta-based CoastalSouth's initial public offering prices at $21.50 a share; Valley National Bancorp announces Lyndsey Sloan will succeed Gary Michael as general counsel; Webster Financial Corporation taps a new chief risk officer and appoints a new board member; and more in this week's banking news roundup.
July 3 -
Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
July 3 -
In a rare move for a credit union, the Seattle institution has snapped up the 13-member team that created EarnUp's AI Advisor product.
July 3