The total value of cheques cleared in the UK in the second quarter fell a massive 20% compared to the same period in 2008, as Brits continued to turn to debit cards and the Faster Payments Service.
According to the UK Payments Administration, the value of all cheques cleared, including those issued by companies, fell by 20.9% to £219.23 during the quarter. The actual number of cheques cleared was also down 13.7% on Q2 2008.
Cheques - which are set to be phased out in the UK by 2018 - accounted for just 7.8% of all non-cash payment volumes in the quarter, declining from 19.7% in Q2 2003....
More on this story: http://www.finextra.com/fullstory.asp?id=20516. Editor's Note: According to the Drudge Report, the Brits are not alone as Obama has also ditched czechs...
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