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St. Mary's Credit Union BlogOnline Payments Challenge Traditional Banking

Online Payments Challenge Traditional Banking

Online Payments Challenge Traditional Banking

Online Payments Challenge Traditional Banking

A new survey from FICO has discovered that online payment services have become the most popular alternative to traditional banking.

According to the results 19% of consumers currently using online payment services, with another 24% saying they will start using them in the next year.

People are attracted to the ease, speed, and convenience of online payment systems, Bankrate said.

But while online payments are advancing, peer-to-peer or marketplace lending is struggling to catch on.

Bankrate said that the share of the marketplace these alternative lending methods command is minimal, with no signs of growth.

Related: Don’t Lose Your Money to Bank Fees

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