Britain looks to bounce cheques after 300 years

London: After more than three centuries, the humble cheque could become a historic relic if British banks, as expected, vote to phase it out in favour of more modern payment methods.

The board of the UK Payments Council, the body for setting payment strategy in Britain, was meeting yesterday to discuss whether to set a date of 2018 for winding up the cheque clearing system. The board is largely made up of Britain's leading banks. The use of cheques has fallen drastically in the past 10 years as more consumers transfer money electronically, by direct debit or with debit and credit cards. Last year, around 3.8 million cheques were written every day in Britain, compared to a peak of 10.9 million in 1990, the council said.

"The next generation probably won't even have a chequebook," said Addy Frederick, a spokeswoman at the payments council.

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