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The end of the Cheque. Are you ready?

Posted 16th April 2010.

The End of the cheque. Get Ready

Here is an interesting article on the BBC website this week in relation to the rise of electronic payments and decline of cash & cheques as a payment method.

Cash payments will account for less than half of all transactions in five years’ time, according to research.

The Payments Council, which oversees the strategy on payments systems, said that 80% of cash transactions made at present were for less than £10.

It claimed that "cash is king no more" as card payments accelerate and notes, coin and cheque usage declines.

Although cash will not disappear in our lifetime, the continuing payments revolution will make it an ever smaller part of our spending," said Mike Bowman of the Payments Council.

Dave Birch, a payments expert and director of Consult Hyperion, said that the development of mobile phones to receive payments was a "critical step" in the move towards automated payments systems

"The noughties have been the decade of the debit card. Especially since chip and pin, which has speeded up transactions, it has become socially acceptable to buy small items by card now too, for example in a sandwich shop or a pub."

Can your business accept electronic payments? are you ready for this?

Accept payment online and embrace the future today http://www.luceytechnology.com/Payments/Index.aspx

http://news.bbc.co.uk/2/hi/business/8618541.stm for the full article