Cheques to be 'Extinct' by 2025
Halifax predicts the end of cheques in 20 years
12th August 2005
The Halifax bank has predicted that the use of cheques as a method of payment could end by 2025, following a usage decline to a record low last year.
Only 2.1bn cheques were written last year, down 7%, and down from 3.7bn in 1990.
If the downward trend continues, according to Halifax, the game could be up for cheques within 20 years.
Peter Jackson, Halifax's head of banking, said:
"Cash and debit cards are clearly the preferred method of payment in the UK today"
The use of debit cards in particular has grown rapidly, from just 522 million transactions in 1990 to over 3.7 billion in 2004.
Read More: Halifax Press Release: Cheques to become extinct by 2025?
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