Cheques are to be phased out by October 2018 if adequate alternatives can be developed in time according to the latest announcement from the board of the UK Payments Council.
This announcement comes after 350 years of cheque usage, however because of the use of credit, debit and contactless payment cards, alongside online shopping and banking, it seems that in recent years the cheque has fallen into a ‘terminal decline’.
The council stated that as long as the needs of the vulnerable and elderly are met, then, “The goal is to ensure that by 2018 there is no scenario where customers, individuals or businesses, still need to use a cheque.”
With an execution date decided for the cheque, and a rise in the use other forms of payment, it looks as though cash may be next to face the block. While the advent of a cashless society has been widely heralded for around 40 years it has not seemed possible until recently. However through the successful widespread use of mobile phone sims for small contactless purchases in countries like South Korea, it may just be that cash may also finally be coming to an end.