Who were known as “Economic Dinosaurs" in American Economy?
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Online payment systems like Venmo and Paypal are benchmarks of the digital era of banking that we’re living in. There’s also Zelle, a new peer-to-peer payment app launched by big banks like J.P. Morgan and Bank of America. So you might expect paper checks to be disappearing, but Americans just won’t let their checkbooks go. In the U.S., people wrote about 38 checks on average in 2015, compared to 18 in Canada, 8 in the U.K., and almost none in Germany. Katie Robertson wrote a piece about Americans’ attachment to checks for Bloomberg. Marketplace’s Kai Ryssdal spoke to her about why Americans are refusing to get with the economic times. Below is an edited transcript of their conversation.
Kai Ryssdal: Who, besides my mom, I guess, is still using checks out there?
Katie Robertson: You know you’d be surprised, there’s a lot of Americans still using checks. I mean we’re particularly seeing it in more rural populations. They’re still using it for groceries and gas. And Americans actually wrote 38 checks on average last year.