Credit card use could rise as cheque dies

Published on 17 December 2009 by Raffick Marday

Credit card use could rise as cheque diesCredit cards could see a surge in use if The Payments Council decides to abolish the national cheque clearing system.

Scrapping cheques would be phased in over several years and completed by 2018.

The death of the chequebook has been on the cards for some time but it would appear that it’s reaching its end much faster than previously thought.

Charities say it will anger lots of people, including the older generation who use cheques more than electronic bank transfers.

Many businesses will also be affected. Stephen Alambritis, Head of Public Affairs at Federation of Small Businesses, says over 4 million cheques are written each day.

Small firms will be disadvantaged if banks decide to scrap the cheque and there could be a big knock-on effect on the economy.

But as the cheque faces its final curtain, it could mean credit cards take centre stage for more consumers and small businesses.

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