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Cheques may be phased out in UK by 2018 | A 15-strong body, comprising members of the banking industry, is expected to decide that cheques should be phased out by 2018. This is despite opposition from businesses and charities who argue that they will lose out when individuals can no longer use cheques for
payments or contributions. Cheque usage has been falling by around 10 percent
a year as debit cards gain ascendancy, reports Sky News. But, despite that, some
four million transactions a day is still carried out by cheque. One organisation,
the Forum of Private Business, says a small business-friendly, alternative payment
system needs to be put in place if cheques are to go. The lobby group says it
is not opposed to the move in principle but the Payments Council must only make
it if it is sure something new will replace it. Banks need to make sure viable
alternatives are in place for businesses and their customers who do still use
cheques, it argues. |
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