The cheque continues its decline
(04 December 2012 – New Zealand) New data released shows only seven percent of cheque users rely on them as a major means of payment.
For the remaining 93 percent, Eftpos, credit cards and internet banking were the main payment options, with cheques as a second or third option.
According to the source, the number of cheques issued in New Zealand since 2004 has declined by 10 per cent every year with 95 per cent of payments now made by other means.
The source said the use of cheques was likely to keep falling naturally so the task was to help manage the decline - not to remove cheques.
Banks need to think carefully about how to manage the demise of cheques to ensure the payments system kept operating smoothly.
According to the source, the number of cheques issued in New Zealand since 2004 has declined by 10 per cent every year with 95 per cent of payments now made by other means.
The source said the use of cheques was likely to keep falling naturally so the task was to help manage the decline - not to remove cheques.
Banks need to think carefully about how to manage the demise of cheques to ensure the payments system kept operating smoothly.
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