Cheques are checking out, says Equifax
Consumers are likely to make use of cheques on fewer transactions in the future, a sector expert has suggested.
Neil Munroe, external affairs director at Equifax, states this is because in the places people can use cheques and other forms of spending - such as credit cards - the decision has been taken not to accept them.
"When organisations make the decision that you can't pay by cheque it is obviously going to reduce the level of cheque payments," he adds.
The Equifax representative states that cheques may not be rendered entirely obsolete, as small businesses tend to use them.
He concludes: "That's why cheques will continue to be used and won't totally disappear, but they will considerably decline the more organisations decide that it is too costly to accept them."
Mr Munroe made his comments following the publication of the Apacs quarterly statistic release for November 2008.
The research showed that in the three-month period in question, there were a total of 1.9 billion plastic card purchases in the UK. This amounted to some £93.7 billion.
Written by Marcus Jenkins
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