There has been a 40% decline in cheque payments since 1990. The crucial reason for the disappearing is that it’s a far less convenient, more time-consuming method of payment. Nowadays everything is about high speed (f.i. credit cards) so the chequebook dates from the past, when commerce was less speed conscious. There’s also the notion of increased tisk of fraud compared to credit cards and other methods of payments. Cheques are also not eco-conscious and we should be moving towards no-paper methods of payment. The process of completely phasing them out will probably a slow one, the objection will likely to be around 2025.
I think that the chequebook is indeed an outdated method of payment. Nowadays there are excellent and more effective ways to pay for something. The argument for the provisional survival of the cheque is that elderly people wouldn’t be able to comprehend the modern mode of operation of f.i. credit cards and others… But I think that they have underestimated them, it isn’t as difficult to learn it as they want us to believe. I honestly believe that the cheques days are counted, and his existence will soon be over.
Laura
Source: http://www.myfinances.co.uk/associate-article/popular-stories/the-death-chequebook-$477632.htm
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