Cheques Likely Phased Out in UK By 2018

by Mercator Advisory Group 0

The UK Payments Council is now seeking consumer input for its blueprint of the UK payments market. The Payments Council has a 10 year plan for payments in the UK which was originally launched in 2008 and is due to be updated. The plan includes how cash, cards, and electronic payments should combine to serve the payments needs in the country.

Cheques are set to be phased out by 2018, under the Council’s plans. The Payments Council said the cheque clearing system would only be closed once acceptable alternatives had been devised – and more consultation is expected in the future.

The consultation will also cover mobile payments, tipped to be the main replacement for chequebooks.

“We are in a different environment now than we were just three years ago. New technologies move ever closer to realisation, so our plan has to be robust and up-to-date.” said Gary Hocking, acting chief executive of the Payments Council.

Read the original story here: http://www.bbc.co.uk/news/business-13158724

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