Background Information:
In December 2009 the Board of the UK Payments Council announced that cheques will be phased out by October 2018, but only if alternatives are developed. The Council stated that it had decided to set the date for proposed abolition so far in advance in a bid to encourage the advance of other forms of payment.
The Committee took evidence on:
- trends over time in the use of cheques as a payment mechanism, including estimates of likely usage over the next five to ten years;
- the advantages and disadvantages of abolition, including the impact of abolition on particular groups in society;
- the development of alternative payment mechanisms.
Oral evidence - Tuesday 16 March 2010
Witnesses: Consumer Focus, Age Concern and Help the Aged, Institute of Fundraising, and the British Cheque and Credit Association; Payments Council.