So, cheques are to be phased out by 2018, well I guess we do use them hardly at all these days? Or do we? What about the sending of personal cheques with birthday cards, or paying for services rendered by small businesses who whilst perfectly legit aren’t setup to take card payments. There was a man on BBC Breakfast this morning explaining how we would pay by touching our credit card to our mobile phone or sending a text and explaining how, security-wise its the same kind of chip in a sim card already as is in your credit card… all very convincing and I’m sure we’ll get used it. Not sure about when he mentioned PayPal as an alternative. It’s a good service but they take a cut (however small), whilst if I write a cheque to person A over there, they get the full amount. Hrmm…
Besides, on a technicality, cheques will never disappear for as long as we have money. What’s the £10 note if not a cheque? True enough its an open cheque addressed to whomsoever holds the cheque at that time. Look at the wording carefully…
Bank of England
I promise to pay the bearer on demand the sum of…
What’s that if not a cheque?
