MPs consider abolition of cheques
by Gill Montia
Story link: MPs consider abolition of cheques
The Treasury Committee has launched an enquiry into the abolition of the cheque, which is scheduled for 31st October 2018.
The UK’s Payments Council Board recently named the date, pointing out that use of the 350-year-old system has been declining for years, falling by 40% since 2004.
However, the needs of elderly and vulnerable people are of concern and the Council says the demise of the cheque is dependent on the development of easy-to-use alternative methods of payment.
In the meantime, MPs are making their own enquiries and seeking evidence on:
Trends over time in the use of cheques as a payment mechanism, including estimates of likely usage over the next five to ten years.
The advantages and disadvantages of abolition (including the impact of abolition on particular groups in society) and the development of alternative payment mechanisms.
The deadline for submissions is 12 noon on 1st March 2010 and the Committee intends to hold oral evidence sessions later in the month.
As the cheque continues to lose ground some are predicting that Britons will be using their mobile phones to make payments and transfers in the very near future.
Near Field Communication (NFC) technology, which is a short-range wireless technology that can provide secure transactions, is becoming increasingly accessible and could eventually enable widespread use of the mobile phone in making cash transfers.
NFC has similarities with Bluetooth but is shorter range and apparently easier to use.
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