For all of these reasons, I would be willing to bet that, despite the relatively slow pace of change in retail payments over the past several decades and despite Americans’ long-standing affection for the convenience, flexibility and familiarity of the paper check, we are likely to get to some sort of tipping point early in the next century (less than a decade from now) after which electronic retail payments quite quickly become the norm and the volume of checks falls rapidly.
As we face the challenges and uncertainties from this continuing pandemic, the BSP reiterates its commitment to use its entire arsenal of policy tools and instruments in a timely and prudent manner to help cushion the economy from the potential fallout.