Cheques 'need to be replaced with useful alternatives'

As cheques are gradually phased out, consumers will need to be offered viable alternatives to ensure they are not left behind, according to one expert.

The National Pensioners Convention general secretary Dot Gibson suggests that a number of people are still likely to want to manage their money in the future by using paper-based methods of payment.

She commented: "You have to have a non-electronic system. You also have to have a system that is already recognised by retailers."

The UK Payments Council recently announced plans to get rid of cheque payments by October of 2018.

However, Ms Gibson feels that a debate needs to be held in the near future, in order to prepare for the end of cheques.

While cheques might still be a payment option for those looking to avoid credit card debt, the Payments Council Board suggests that their use has fallen in the last 20 years.

Posted by Tom Burroughs.