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'Two cheques a year' to be written by the year 2024

04 Nov 2015

Trade association Payments UK predicts that, by the year 2024, a mere two cheques will be written by adults each year.

The organisation also claims that debit cards will become the most popular form of payment, with cash only being used to purchase goods twice in every three days.

The new prediction comes after a recent surge in the use of contactless technology as a method of payment, with small value transactions increasingly being made via contactless cards and devices.

Payments UK anticipates that, during 2016, the amount of payments that are non-cash will be noticeably higher than the use of coins and notes.  

Additionally, the organisation also suggests that consumers will increasingly opt to purchase lottery tickets and supermarket goods online, instead of paying for them in cash.

By 2024, it is predicted that each adult will make an average of 225 cash payments a year, while the number of payments made using debit cards is expected to total 282 during the same year.