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20/01/2010 -
The U.S. - and likely other North American and Western European markets - may soon take a page out of the UK's book and phase out paper cheques, as most major economies are shifting to electronic payment processing methods.Brain Johnson, writing for Wallet Blog, said that the recent UK decision - which calls for the phasing out of paper cheques by 2018 - may soon catch on in the U.S.
"People demand the speed and efficiency of electronic and online banking," he wrote. "The paper check has already become obsolete for many purchases (online shopping, for instance), and retailers are increasingly refusing to accept personal checks as a means of payment."
Johnson added that cheques can be an "unnecessary invitation to fraud," and also an "unnecessary complication in payment processing" compared to the speed and efficiency of debit card transactions.
The decision by the UK Payment Council to eliminate paper cheques was announced in late December, supported by the 40 percent decline in the use of cheques seen in the past five years.
