Payment by cheque still proving popular, new research indicates
31 May 2016
Over 500 million cheques were written during 2015, new data from Payments UK has revealed.
However, this number was 13% down compared to the year before.
Payments UK indicated that the latest figures showed that paying by cheque is still a valued form of payment.
The research also suggested that cheques provide a secure method of payment for individuals who choose to use them.
During 2011, measures were put into place by MPs to prevent the Payments Council from abolishing cheques as a form of payment. They had been due to be phased out by 2018.
Adrian Buckle, chief economist at Payments UK, stated: ‘The cheque is still a popular payment mechanism for certain groups of people and in certain situations.
‘Businesses use cheques to pay their trade suppliers and for ad hoc payments to other small businesses. Cheques are also commonly used by older people and in any situation where you know the name of the person you want to pay but not their account number or sort code.
‘Although not as popular as it once was, the indications are that the cheque will be around for a long time to come.’