The rise and proliferation of online banking is causing the numbers of cheques used each year to dwindle in the UK, one expert has claimed.
Simon Bennett, a spokesperson for the UK payments association Apacs, said that online banking, along with plastic such as debit and credit cards, is leaving many Britons unsure when they last used a cheque.
The expert commented in the wake of research from his company, which revealed that the number of cheques issued each day in 2006 stood at 4.9 million - a fall from 11 million in 1990.
"Whilst we don't say that cheques will disappear completely, Apacs figures suggest they will still be around in 2016, but they will have dwindled to quite a tiny number," remarked Mr Bennett.
He added that payments made in internet banking are continually increasing in speed, meaning that payments can be made faster, going through on the same working day, rather than the previous three working days.
A spokesperson for NatWest recently claimed that online banking customers are beginning to take advantage of the service for a more complex range of transactions.
Online banking killing off cheques, expert claims
Online banking killing off cheques, expert claims
Wed, 18 Jul 2007
Recommended links
Compare online and high street banksWhat questions to ask when switching banks
Banking news
Find a new savings account
Need financial advice?
New banking service offers instant interest on cheques
| Banking news |
|---|
| HBOS Boosted by Rumours of Asset Sale - Fri, 04 Jul 2008 |
| Royal Bank of Scotland Issues Bond in Bid to Raise Capital - Wed, 02 Jul 2008 |
| Bank Reject Cash Injection Bid - Fri, 27 Jun 2008 |
| More News |
