20 October 2017
visit www.response.ncr.com

Cheques are history says Halifax

20 December 2001  |  3305 views  |  0 Cheques are history says Halifax

UK consumers are shying away from using cheques to pay for goods, according to new research conducted by NOP, on behalf of HBOS banking group.

The study shows there has been a big decline in the number of people using cheques since their heyday in the 1960's. Forty-four per cent of interviewees says they use cheques less frequently than they did 3 years ago - 11% of Halifax current account holders never use cheques and almost 30% only use cheques once a month. Significantly 37% say their use of cheques will decline over the next 3 years.

Fifty-six per cent of customers interviewed believe the cheque will ultimately be phased out, with 84% of these thinking this will be within the next ten years. However, only 34% view phasing out the cheque as a good idea.

In comparison, 43% of current account holders use cash every day to pay for goods and services. Fifty-eight per cent of those questioned say they will continue to use cash as frequently as they currently do, over the next three years.

The research also forecasts that by the end of 2001, almost three billion debit card transactions will have taken place, overtaking payments made by cheques for the first time. Fifty-seven per cent of interviewees currently use debit cards at least once a week, with 12% saying they use them at least once a day. Older people (65+) are more likely to never use debit cards, whereas customers aged 18-34 use their debit cards the most.

Jack Cullen, head of retail banking, says: "The survey clearly demonstrates that the cheque is no longer the main payment method as they are used less than ever before. Cash and debit Cards are the currency of today."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

US banks commit to digital cheque imaging

US banks commit to digital cheque imaging

14 December 2001  |  3515 views  |  0 comments
Pegasystems rolls out new cheque products: ties the knot with Accenture

Pegasystems rolls out new cheque products: ties the knot with Accenture

13 December 2001  |  2942 views  |  0 comments
UK consumers embrace digital technology

UK consumers embrace digital technology

11 December 2001  |  3345 views  |  0 comments
Diebold introduces digital cheque retrieval at the ATM

Diebold introduces digital cheque retrieval at the ATM

11 December 2001  |  5099 views  |  0 comments
Net card gang jailed for online bank fraud

Net card gang jailed for online bank fraud

10 December 2001  |  4202 views  |  0 comments
Cahoot launches disposable credit card

Cahoot launches disposable credit card

07 December 2001  |  5588 views  |  0 comments
HSBC backs iPSL cheque processing outsource venture

HSBC backs iPSL cheque processing outsource venture

03 December 2001  |  8759 views  |  0 comments
Cybercrime fears damaging consumer confidence

Cybercrime fears damaging consumer confidence

28 November 2001  |  4958 views  |  0 comments
UK government funds research to tackle cybercrime

UK government funds research to tackle cybercrime

22 November 2001  |  4024 views  |  0 comments
UK government moves to secure m-commerce

UK government moves to secure m-commerce

19 November 2001  |  3956 views  |  0 comments
European migration from debit to US-style credit not yet on the cards

European migration from debit to US-style credit not yet on the cards

13 November 2001  |  2887 views  |  0 comments
Card fraud squad to crack down on counterfeiters

Card fraud squad to crack down on counterfeiters

08 November 2001  |  3862 views  |  0 comments
E-cheques set to displace paper says Meridien

E-cheques set to displace paper says Meridien

02 November 2001  |  3371 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.fivedegrees.nlvisit www.niceactimize.com

Top topics

Most viewed Most shared
satelliteGates Foundation backs Ripple collaboratio...
8398 views comments | 13 tweets | 10 linkedin
HSBC partners Bud for open banking trialHSBC partners Bud for open banking trial
8212 views comments | 21 tweets | 26 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
7371 views comments | 9 tweets | 17 linkedin
Sibos 2017: API or the highwaySibos 2017: API or the highway
6749 views comments | 10 tweets | 21 linkedin
Eight banks form joint venture to launch blockchain trade platformEight banks form joint venture to launch b...
6409 views comments | 14 tweets | 23 linkedin

Featured job

Competitive base + commission + benefits
New York City, NY - USA

Find your next job