In the UK in 2015, 558 million cheques were used for payments and to acquire cash, even though this number is expected to more than halve by 2025.Įven though the use of cheques is in decline, a level of demand still exists, most notably amongst older consumers and small businesses. While usage of the long-standing payment method has more than halved in the last decade, Ireland is still one of the top processors of cheques in Europe with 10.8 million cheques signed in Q2 2017 alone. As part of that plan, from September 19th of that year (dubbed e-Day), all public sector bodies in Ireland no longer issued or accepted cheques in their business dealings.Īlthough increasing efficiency plays a part in the decision to phase out cheque usage, another major reason, unsurprisingly, is the associated cost for banks and other financial institutions. In a bid to reduce reliance on cash and cheques, the Irish Government launched its National Payments Plan in 2013 to promote the use of innovative and secure online payments. Card Payments accounted for 49% of total number of non-cash payments in 2021 according to the European Central Bank Cheque usage in Ireland & the UK Based on figures from the European Central Bank and the Bank for International Settlements, countries besides Ireland that still use cheques are including Canada, Cyprus, France, Portugal, Singapore, the UK and the US.Ĭheque payments have almost halved since 2016. BPFI says that Ireland in particular are now only of “only a handful of countries” worldwide where cheques are still regularly used. However, with research showing an ongoing decline in the numbers of consumers and businesses using cheques as a payment method, do paper cheques still have a role in the digital age?įigures suggested from Banking & Payments Federation Ireland (BPFI) are showing a decline use of cheques in Ireland is continuing to decline 6.6 million payments were made by cheques in the first three months in 2020, which is a decrease by 15% from 7.8 million in 2019.Īccording to BPFI with no surprises, say that consumers are relying heavily on card transactions for shopping online and in store, and are mainly paying by debited card to pay their regular bills. Ever since the cheque has long been a reliable payment method for both businesses and consumers worldwide. In 1659 an English trader, Nicholas Vanacker, signed what is thought to be the first cheque in the UK.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |