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PPI: Payments Council searches for cheque alternatives

The Payments Council has confirmed it is still searching for another paper-based alternative to the cheque.

The body, which devises the UK's payment strategy, announced last year that it will phase out cheques in Britain by 2018.

It has come under pressure from groups to justify the move since the announcement and has now confirmed consumers will not be left "high and dry".

"Cheques will continue until alternatives are in place," Paul Smee, chief executive of the Payments Council, told BBC News.

In addition to a proposed new paper voucher system, electronic payment technology which uses mobile phones is also being considered.

John Walker, national chairman of the Federation of Small Businesses (FSB), told the news provider: "The FSB is pleased that the banks are looking at an alternative paper-based system to replace the cheque.

"Cheques are vital to the way many consumers and businesses operate, and with millions of cheques written every day, many small businesses will be disadvantaged - especially in rural areas - if the cheque is to be completely abolished."

Posted by Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt ADNFCR-2776-ID-800277809-ADNFCR



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