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A project that can return its initial investment very quickly is less risky than a project that requires a long payback period. Cash flow predictions for periods far in the future are less certain than predictions for 3-5 years ahead. For that reason, the payback method can be useful when expected cash flows in later years of the project are uncertain.
The payback period method furnishes no information about an investment's lifetime performance, because it ignores cash flows after the payback point.
The payback period method focuses on cash flow.
The payback period method does ignore the time value of money. However, this is a weakness, not a reason for its continued popularity.