Timetable announced for phase-out of cheques

22 December 2009



Cheques will no longer be recognised as a method of payment by 31 October 2018, the Payments Council Board has revealed. The timetable of nearly nine years will give people time to adjust to other ways of transferring cash, the group said, with every scenario where a cheque is used, addressed.

"The payments industry will have to react positively and take the lead on delivering solutions which suit all their customers," noted Chief Executive of the Payments Council Paul Smee. He acknowledged that work still needs to be done to ensure people and businesses alike have a "viable alternative" to using cheques.

Figures show that the use of cheques has been in decline since 1990, with a significant fall of 40 per cent seen in the last five years alone. The situation will be reviewed again in 2016 after various consultations have taken place.

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Posted by David Stanning

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