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Plastic cards set to replace cheques

Plastic cards set to replace cheques

Category: Credit cards

Updated: 15/01/2009
First Published: 15/01/2009

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
The use of cheques in the UK has been predicted to continue to fall.

According to Equifax, this form of finance has been in decline since many outlets - including supermarkets - stopped accepting it.

External affairs director Neil Munroe noted that many people may not be comfortable using plastic cards, but the payments industry is likely to move forward to the point where cheques are mainly only used by businesses.

"Cheques will continue to be used and won't totally disappear, but they will considerably decline the more organisations decide that it is too costly to accept them and process them," he explained.

Those considering using plastic cards to make purchases may wish to consider carrying out a credit card comparison to find the best options available.

Figures from UK payments association Apacs have revealed that plastic card use doubled in the ten years up to 2007, with 144 million now in circulation.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

 
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