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V12 2009 INDEX       E-SYLUM ARCHIVE

The E-Sylum: Volume 12, Number 8, February 22, 2009, Article 27

HOW COINS, BANKNOTES AND CHEQUES ARE BEING REPLACED BY ELECTRONIC MEDIA

This article from the BBC News discusses a new study indicating how coins, banknotes and checques (checks) are being gradually supplanted by electronic funds transfers. But they're not going away without a fight. -Editor
Handwritten Cheque The cheque, which is 350 years old on 16 February, is said to be in irreversible decline as innovation points towards a cashless society.

Banks will increasingly battle for a consumer to use one card exclusively.

But Andrew Bailey, chief cashier at the Bank of England, told the BBC that notes and pennies would still survive the test of time.

"I do not see the banknote dying out in the next ten years. It is not just me saying that because I sign them; there is a demand that I can't see going away," said Mr Bailey, whose signature is on every banknote.

The future of the chequebook is far less secure, with numerous retailers refusing to accept them and consumers increasingly turning to electronic payments instead.

"Those aged in their 20s don't know what a chequebook is, and those in their 30s don't know where their chequebook is," said Sandra Quinn of Apacs.

The earliest cheque in the UK was thought to have been written 350 years ago, dated 16 February. It was made out for 400, signed by Nicholas Vanacker, made payable to a Mr Delboe, and drawn on Messrs Morris and Clayton - scriveners and bankers of the City of London.

The cheque's predecessor was the bill of exchange - a way for traders to buy and sell goods without the need to carry cumbersome and valuable quantities of gold and silver.

To read the complete article, see: Dying cheques mark changing times (http://news.bbc.co.uk/2/hi/business/7850945.stm)



Wayne Homren, Editor

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