|
« Google Library project halts on copyright |
Main
| London suffers drop in high street sales »
August 12, 2005
Cheques at lowest ever use
Halifax Bank predicts that cheques could disappear as a payment method by 2025 if the current trend continues. In 2004, the number of cheques written dropped by 7% to 2.1 billion - the lowest level ever recorded. In 1990 3.7 billion cheques were written.
Cheques are being replaced by easier payment methods, such as debit card transactions, particularly as more people pay for goods and services over the telephone or on the internet. Businesses are also reducing their use of cheques and moving to direct credits for salary and trade payments.
Peter Jackson, Halifax's head of banking, said: "Cash and debit cards are clearly the preferred method of payment in the UK today".
The Association of Payment Clearing Services (Apacs,), the card industry body, recorded 3.7 billion debit card transactions in 2004, compared to 522 million in 1990.
Posted by at August 12, 2005 06:59 PM
> Discuss this in the Platinax Business forums
|
