Partner Article

Consumers reject cheques

More than half of adults in Britain have abandoned their cheque books, according to figures released recently. When questioned about attitudes to cheque usage, British adults seem to agree with recent decisions by a growing list of retailers which to date has included Boots and Tesco to move away from the traditional payment method.

The survey, carried out by BACS Payments Schemes Limited, revealed that 61% of British adults do not use cheques to pay for their regular monthly commitments. 83% prefer the convenience of receiving payments directly into their accounts rather than by cheque and that the payment of bills by cheque has declined over the last ten years.

The statistics echo the rationale adopted by retailers that very few purchases are now made by cheque. The report states that consumers prefer the convenience of automated payments such as Direct Debit, with three in four British adults using Direct Debit for regular bills.

Michael Chambers, Managing Director, BACS Payments Schemes Limited, said: “For some time now, our data has indicated that cheque usage has been in a steady decline, with those who have a bank or building society account, choosing to pay regular bills by cheque dropping by 10 per cent over the past five years. It is therefore unsurprising that more and more companies are choosing to exclude cheque payments and our results show that consumers are going the same way. “We know that consumers are finding Direct Debit an easier way to pay because it saves time, is a simple way to keep on top of monthly payments, it is easy to use and it is protected by the Direct Debit Guarantee.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .