December 16th, 2009 1 Comment » | POSTED BY ROB

Cheques To Disappear: The Real Losers


Much has been made of today’s decision to phase out the use of cheques – although only by 2018 and provided there are suitable substitutes in place, so not exactly the final nail in the paper payment’s coffin, but its days are numbered.

What does this mean to most of us?

Well, there will need to be a new way to pay in certain situations, such as when we have plumbers to do work, and there are still plenty of occasions where cheques are used by small businesses.

Three-quarters of a billion personal cheques are written each year, and whilst that figure is declining (see graph from BBC above), all of these payments will have to be made in another way. This will be a good opportunity for the development of new and improved methods of payment, such as using mobile phones to pay small bills.

But Bitterwallet has identified the real losers when cheques disappear: telethons, which will need an alternative to the ubiquitous over-sized cheque:

The large novelty cheque will be replaced by someone leaping onto the left button of a giant mouse to electronically transfer the funds via a giganto novelty PC?

Another loser will be 70’s game show Blankety Blank, which will struggle to find another main prize to replace its eponymous cheque book and pen.

Creative Commons License photo credit: CarbonNYC

Related Posts


1 Comment on “Cheques To Disappear: The Real Losers”

Carolyn Williamson, December 20th, 2009

Regarding the discussion on cheques, what about the thousands of small clubs and associations who collect their membership fees by cheque? There is still no cost-effective electronic way of acepting payments of small sums like £10 and £20.

Leave a Comment | Discuss On Facebook


Get regular, free updates direct to your inbox:

Personal Finance iPhone Apps

Recent Money Watch Articles

  1. iZettle Launches Card Reader to Support Apple Pay & Contactless Payments
  2. Halifax: Mobile Banking Soars As Customers Bank On The Move
  3. Pennies Budgeting App Now Available For Apple Watch
  4. One In Eight Brits Will Switch To Digital-Only Bank This Year
  5. Invalidating your home insurance could be as easy as Airbnb
  6. Barclaycard Anything: Turn Any Object Into A Contactless Way To Pay
  7. Launches Enhanced Current Account Comparison Service
  8. Donate To Comic Relief With Barclays Pingit

Money Watch Categories

banking Banks Business Children Credit Credit Cards Debt Economy google Insurance Interest Rates Investments iphone Links Loans mobile Money Saving Mortgages New Products payments Pensions Property Savings security shopping Stocks and Shares Students Tax Tips Tools

Subscribe to Money Watch Email Updates

Email Format