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Archived news of: December 2009

2009-12-31

Online payment processing 'to increase when cheques are abolished'

Online payment processing is likely to become more popular if cheques are abolished in 2018 as planned.

Online payment processing is likely to become more popular if cheques are abolished in 2018 as planned.

The Payments Council has set a target date of October 31st 2018 to close the UK's central cheque clearing service.

This means the millions of cheques sent each year will be replaced with other methods, most likely online payments.

The Payments Council will look to promote and explain existing alternatives and new options to cheque payments in the coming years, aiming to ensure that by the time cheques are withdrawn, no consumers or businesses will be left in difficulties.

"There are many more efficient ways of making payments than by paper in the 21st century, and the time is ripe for the economy as a whole to reap the benefits of its replacement," commented Paul Smee, chief executive of the Payments Council.

A review of the plans will be carried out in 2016 to ensure that alternative payment options, such as online credit card payments, Direct Debits and mobile-to-mobile transfers, are feasible for all.

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