London, Dec.16 (ANI): A 15-strong body, comprising members of the banking industry, is expected to decide that cheques should be phased out by 2018.
This is despite opposition from businesses and charities who argue that they will lose out when individuals can no longer use cheques for payments or contributions.
Cheque usage has been falling by around 10 percent a year as debit cards gain ascendancy, reports Sky News.
But, despite that, some four million transactions a day is still carried out by cheque.
One organisation, the Forum of Private Business, says a small business-friendly, alternative payment system needs to be put in place if cheques are to go.
The lobby group says it is not opposed to the move in principle but the Payments Council must only make it if it is sure something new will replace it.
Banks need to make sure viable alternatives are in place for businesses and their customers who do still use cheques, it argues. (ANI)