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| Payment by cheque: it's not all over yet | Payment by cheque: it's not all over yet |
| (about 4 hours later) | |
| More than 500m cheques were written in 2015, confounding expectations that the payment method is disappearing. | |
| However, Payments UK, which represents the industry, said that still represented a 13% decline on the previous year. | However, Payments UK, which represents the industry, said that still represented a 13% decline on the previous year. |
| It said the figures showed that cheques are still valued as a means of payment. | It said the figures showed that cheques are still valued as a means of payment. |
| Cheques had been due to be phased out by 2018, until MPs forced a change of heart by the industry. | Cheques had been due to be phased out by 2018, until MPs forced a change of heart by the industry. |
| Banks have promised to keep processing them for as long as necessary. | Banks have promised to keep processing them for as long as necessary. |
| Some banks, such as Barclays, have also introduced "cheque imaging", allowing consumers to take a photograph of a cheque and send it to the bank via their smartphone. | Some banks, such as Barclays, have also introduced "cheque imaging", allowing consumers to take a photograph of a cheque and send it to the bank via their smartphone. |
| Cash still king | Cash still king |
| Use of cheques peaked in 1990, when there were more than 4bn transactions a year. | Use of cheques peaked in 1990, when there were more than 4bn transactions a year. |
| But last year there were just 546m cheques written, averaging about 10 cheques per adult per year. | But last year there were just 546m cheques written, averaging about 10 cheques per adult per year. |
| However, the report for Payments UK said that showed that they are "still valued as a convenient and secure method of payment by those who choose to use them". | However, the report for Payments UK said that showed that they are "still valued as a convenient and secure method of payment by those who choose to use them". |
| Use of cheques is higher in the 65 and over age group. They are also still popular as a way of paying tradespeople and charities, as well as for family gifts. | Use of cheques is higher in the 65 and over age group. They are also still popular as a way of paying tradespeople and charities, as well as for family gifts. |
| The research also suggested that the use of debit cards would overtake cash payments by 2021. | The research also suggested that the use of debit cards would overtake cash payments by 2021. |
| However, cash was still the most popular means of paying in 2015. | However, cash was still the most popular means of paying in 2015. |
| Figures published last week showed that monthly spending on contactless cards hit £1.5bn for the first time in March. | Figures published last week showed that monthly spending on contactless cards hit £1.5bn for the first time in March. |
| Consumers over the age of 60 are the fastest-growing group using the cards, according to Barclaycard. | Consumers over the age of 60 are the fastest-growing group using the cards, according to Barclaycard. |