Reports by both government and private-sector sources indicate emerging technologies are unseating incumbent legacy payment systems. One such example is paper check usage, which has steadily declined since the mid-1990s, according to a Jan. 2015, study by the Federal Reserve System. The fed's Strategies for Improving the U.S. Payment System
found high costs of paper check usage and ease-of-use of various digital alternatives to be the primary reasons for declining use among consumers, while business-to-business (B2B) usage was reportedly more resilient.
"Based on data from the latest Fed Payments Study, 85 percent of noncash general-purpose payments were made electronically in 2012," the report stated. "Yet billions of checks are still written each year across a variety of use cases. Business-to-business check writing remains entrenched, especially among smaller businesses."