Cheques to Disappear By 2025

16 Aug 2005

The use of cheques as a payment method has been declining rapidly and is expected to become an extinct practice by the year 2025 according to predictions by Halifax.

In 2004 cheques were used 7% less than the previous year and Halifax say that if the trend continues they will be out of circulation in 20 years.

Over 2004 just 2.1 billion cheques were written, compared to 3.7 billion in 1990, as customers embrace technology and buy goods and services over the counter, telephone and Internet with credit and debit cards instead; the credit card industry say that there were 3.7billion card transactions last year compared to just 522 million in 1990.

Peter Jackson, Halifax's head of banking, said; "Cash and debit cards are clearly the preferred method of payment in the UK today."

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