HSBC: Cheques show "significant decline"

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HSBC: Cheques show "significant decline"

Mon 22nd Sep 2008

There has been a "significant decline" in the use of cheques over the past decade, according to HSBC.

A spokesperson said that while in 1990 there were 11 million cheques written daily, the figure now is just under five million.

He predicted that the figure would be 2.5 million by 2016 if the current trend continues.

But the spokesperson added that there is "a strong core of people who like using cheques" and also that some small independent retailers still accept them.

Recent figures from the Cheque and Credit Clearing Company show that nearly half of all UK account holders worry about receiving cheques.

Around a quarter do not like to write them for fear of fraud.

Spending by cheque in the high street has dropped by 7.5 per cent in the last year, according to UK payments association Apacs.

Its figures show consumers prefer to spend by debit card and think twice before using a credit card while shopping.

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