The last 12 months saw a significant increase in the use of mobile banking in the UK, while the use of cheques saw a decline.
Barclays Bank revealed that registrations for its mobile application rose 200 per cent when compared with figures from 2012, as more customers embrace the use of digital banking services.
Although cheques still remain popular with the elderly and as a way to send money as gifts or as a means of paying small businesses without incurring card fees, its days as a primary payment method are numbered as mobile point of sale (MPoS) and other technologies proliferate.
Overall, almost $1 trillion in cheques was processed in 2013 in the UK, equating to ten per cent of all payments made by individuals. Another attempt to kill off cheques is planned for 2018 but last time the industry had to abndon its plans in the face of opposition from the elderly and small businesses.
Much of the momnetum for another attempt to kill UK cheques stems from the growth of digital banking, which is indicated by the recent Barclays Bank figures that revealed a third of their customers now manage their finances solely on their mobile device.
Despite this Barclays still launched the UK's first digital cheque deposit technology recently, utilising mobile phone cameras so people could process the payments remotely, suggesting the bank isn't totally convinced 2018 will see the end of UK cheques.
By Tony Aynsley