Consumers of every age and enterprises of every size are being challenged and empowered with a game-changing array of electronic devices and applications that fundamentally change the way they communicate and interact. Regardless of economic sector, broadband Internet access and mobile connectivity have combined to produce savvy, discriminating consumers.

In the payments arena, in particular, the impact of the digital age in which we live has been (and will continue to be) profound.

Research has found that a majority of consumers are interested in using new forms of electronic payments, including personal payment transactions and mobile banking:

• Checks will continue to be displaced by card and ACH payments, as check volumes decline at a rate of 8% a year;

• Online bill payment, debit and prepaid cards continue to lead the shift toward electronic payments by consumers;

• Online and mobile payments are the fastest-growing segments in the payments industry; the mobile person-to-person payments market is expected to grow 48% over the next five years and e-commerce payment volumes are projected to grow at 15% annually;

• ACH transactions are estimated to grow at a rate of 12% over the next few years;

• The number of ATMs appears to be stabilizing as consumers migrate to electronic payments.

Interestingly, the bill payment landscape continues to fracture and shift with newer channels, such as mobile and tablet, emerging alongside well-established payment methods such as checks, mail, walk-in and phone.