Interesting to see the following statistic in USA on the use of cheques, wonder how this will affect US expansion and Business accounts over here;
I also wonder how the business accounts will affect Monzo’s view of cheques because lots of businesses still use them for payment.
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Checking that article it looks like the actual survey is a small sample and taken over a year ago in 2018 so those stats are probably iffy. Not to mention this is CNBC it’s like The Sun trying to be clever.
Anyway I think Apple Pay is having a big impact already, and Apple Card could be the next iPod and drag Americans into the 21st century. The people interested in Monzo in the first few years will be the tech savvy and most likely don’t carry chequebooks or have a need for them.
The main issue with Apple Pay in the US is contactless is not widely accepted.
If you want good statistics on payments see the FDIC:
Figure 9.1 Methods Used to Pay Bills in a Typical Month, 2017
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My sister’s electric company charges a fee to pay electronically. Checks are free.
I hope the irony isn’t lost.
Also pretty cool your sister owns an electric company.
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