If just 20 percent of American households switched to paperless billing for things like utilities and mortgages, it would prevent nearly 700 million pounds of greenhouse gases from being produced, according to NACHA – the electronic payments association.
Electronic billing options continue to become mainstream as Americans increasingly abandon cash and paper checks in favor of online and mobile payments. It's not difficult to understand why. Electronic billing is affordable to businesses, more convenient to consumers and merchants, faster than paper checks, and better for the environment.
According to research by MasterCard, during times of economic despair, consumers favor financial instruments that limit their ability to overspend. At the start of the financial crisis, approximately $141 billion in consumer spending shifted from credit cards to debit card products.
American shoppers love prepaid cards. In 2012, U.S. consumers used prepaid cards to make $99.5 billion in purchases — a 19 percent increase from just the year prior. In 2014, total prepaid spending could exceed $200 billion, or roughly five percent of all retail purchases in the country.