First Data who recently spun off Western Union is soon to be out of the money order business. First Data currently processes 25 percent of all money orders. Money orders are losing market share to prepaid cards and electronic bill payment. Unbanked consumers are using money orders less and less for paying bills or safekeeping money. See Digital Transactions posting FDC Exits Money Orders As Prepaid Cards, Walk-in Bill Pay Make Gains for more information.
Posts Tagged ‘eCheck’
Money Order Processing is a Dying Business
Saturday, February 24th, 2007Pay For Groceries By Touch
Monday, May 15th, 2006Harris Teeter is starting to roll out a biometric technology that allows shoppers to pay for groceries by touch. Sign up is fairly simple. All you need to do is sign-up at a special kiosk located in select Harris Teeter grocery stores. Sign up consist of providing identification, a voided check, your Harris Teeter loyalty card, and your finger print scan. Once you are approved, you can pay for groceries by the touch of your finger. Currently the payment method is direct debit (eCheck) directly from your bank account. See AllPayNews posting: PAYING FOR GROCERIES JUST GOT EASIER AT HARRIS TEETER!
This biometric payment technology is sure to catch on, but I’m sure it will evolve where you will not have to sign up with every store. There will soon be a third party financial services company like Visa or Mastercard that will provide the biometric payment service.
