UK Money News
5th December 2007
Cheque usage 'set to continue'
While many innovations have taken place in the UK payments industry, a place remains for cheques, it has been claimed.
Personal finance commentator Which? states that it is very unlikely that cheques will fall out of use as a means of help with money any time soon.
For instance, small businesses regularly rely on cheques as a means of making payments, while individuals adopt them when conducting person-to-person transactions, the company suggests.
However, there is little doubt that the usage of the payment method is in decline.
A spokesperson for Which? states: "We carried out some consumer research ourselves earlier this year and we found that 72 per cent of people said they used cheques less than they did five years."
The money news follows figures from the UK payments association, Apacs, which revealed that cheque usage declined for the first time ever in 2006.
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