Mobile coupons are on the rise, as well as digital wallets and other forms of cashless payment. In the modern workforce, employees overwhelmingly are paid electronically rather than by traditional paychecks or cash, according to results from the recent "Getting Paid In America" survey. The survey, conducted by the American Payroll Association, showed that ninety-seven percent of employees are paid by either direct deposit, payroll card or prepaid reloadable cards.
"There are many benefits to electronic payment methods," said Michael Purcell, chief marketing officer and Executive Vice President at Global Cash Card. "These technologies make use of enhanced security features, and are cost effective, convenient, flexible and environmentally friendly."
Electronic payments make it easier to use the convenient digital wallets in modern-day apps. Leave the office and head right to the bar-- without cash-- and securely wire your buddy your portion of the tab (with tip!) with the Buy Me a Drink app or the Google Wallet.
The trend toward electronic payroll options is further shown in the survey with 83 percent of participants indicating their employers allow them to view paystubs online through an employee self-service portal. In addition, 63 percent of respondents indicated they receive their annual wage and earning statement, Form W-2, electronically from their employer.
"Adoption of electronic payroll services is gaining in popularity and is especially helpful for employees who otherwise wouldn't have easy access to current technologies," said Chris Ruppel, General Manager Prepaid Cards, the Americas at WEX rapid! PayCard. "Employees who utilize payroll cards and opt for direct deposit, for example, can save time and money. Payroll cards and direct deposit are also much safer than cash and check payments."
Due to a sharp increase in consumer awareness of their privacy and information security, mobile apps have taken many extra steps to ensure that the money in a digital wallet is safer than physical cash in the consumer's back pocket. The PayPal App and PayPal Here App are secure on all fronts with Payment Protection and Seller Protection, as well as the guarantee that "all... financial information is securely stored and encrypted on [Paypal] servers, so [consumers] don't need to share [their] financial information with [vendors]."
The Getting Paid in America survey asked, "How do you receive your pay?" Only three percent of respondents indicated they are paid by paper paycheck or cash. The remaining 97 percent are paid electronically, by either direct deposit, paycards, or prepaid reloadable cards.
The "Getting Paid In America" survey was held in conjunction with APA's annual public awareness campaign, National Payroll Week (NPW), held annually the week of Labor Day. Nearly 32,800 employees responded to the survey, providing insight into how workers are paid in America. For complete results, visit www.nationalpayrollweek.com.
APA information sourced from PRNewswire
