M-payments tools are increasingly popular in US corporations-report

Friday 15 November 2013 09:24 CET | News

In B2B payments, US corporations continue to choose paper cheques, but they are becoming more interested in mobile payments, a recent report has revealed.

According to the 2013 AFP Electronic Payments Survey, underwritten by J.P. Morgan Treasury Services, the adoption of wire payments and ACH payments are slowing as paper cheques can now be converted directly into images or ACH debits, with the use of mobile payments at the corporate level becoming increasingly popular.

The report revealed that a number of companies are evaluating the use of mobile payment tools in the next three years in the following areas: reviewing payments sent or received (cited by 37 % of respondents), reviewing balance and other payment information (37 %), approving payments (36 %).

The report also revealed some reasons why companies are often reluctant to adopt electronic payments methods include the difficulty of convincing customers to pay electronically (82 %), the difficulty of convincing suppliers to accept e-payments (74 %), the shortage of IT resources for implementation (71 %), the lack of standard format for remittance information (70 %) and the lack of integration between electronic payment and account systems (66 %).

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Keywords: M-payments tools, mobile payments popular, US corporations, report, paper cheques
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce