15-02-2008
Cheque use continues to decline
The number of cheques used for payment declined significantly over the course of last year.
Data released by APACs shows that the rate of cheque usage declined by over ten per cent in 2007, when compared with figures from the previous year.
Last year, the organisation believes that approximately 1.6 billion cheques were written.
"The main reason we have seen a massive increase in the rate of cheque decline during the past year is the death of the cheque on the high street where, increasingly, retailers have chosen not to accept cheques," said Sandra Quinn, a representative for APACs.
Ms Quinn also noted that a number of corporations have actively sought to dissuade customers from making payments by cheque.
In 2006, cheque usage reached 1.8 billion.
With types of cheque being used as early as the first century BC, the modern name is derived from the act of putting the king in check during a game of chess.