Aite Group Report Shows That The Check Cashing Business Generates $2.6 Billion Annually

In a new report, 'Check Cashing Technologies Market Overview and Vendor Comparison', Aite Group reveals that consumers and small businesses continue to cash about $300 billion checks per year. The check cashing business generates approximately $2.6 billion, annually. The report

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In a new report, ‘Check Cashing Technologies: Market Overview and Vendor Comparison’, Aite Group reveals that consumers and small businesses continue to cash about $300 billion checks per year. The check cashing business generates approximately $2.6 billion, annually.

The report examines the state of the check cashing market, outlines opportunities for vendors, reviews the check cashing regulatory framework, profiles major technology vendors and awards the best, and provides case studies of Amscot Financial and Zions Bank.

The report is based on over 30 interviews with banks, retailers, c-stores, drugstores, check cashers, trade associations, regulators and technology vendors.

“Biometric technologies and the convergence of prepaid cards and check cashing will continue to reshape how check cashing services are delivered,” says Gwenn Bzard, research director at Aite Group and author of the report.

“Vendors that successfully embrace those technologies that facilitate the delivery of this service will ultimately dominate the market, as more retailers and banks seek to deliver a service that is more efficient, affordable, compliant, and risk-conscious.”

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