The UK Payments Council has sounded the death knell for the humble cheque which will be phased out of use in the UK by October 31, 2018.
The body said that cheques, a staple method of payment for 350 years, were in "long-term, terminal decline" following the advent of instant payment methods such as credit cards and chip-and-pin technology.
The decision was made after figures revealed that cheque usage was down 40 per cent in the past five years and has been an unpopular method
among the new generation of spenders who prefer the immediacy and convenience
of chip-and-pin payment.
Payment Council chief executive Paul Smee, said: "There are many more efficient ways of making payments than by paper in the 21st century, and the time is ripe for the economy as a whole to reap the benefits of its replacement."
Although the body admitted that there were still "plenty of situations" where cheques were still of use to UK
spenders, their gradual decline since the early nineties has meant that question marks have been raised over their long-term viability.
The council said that other payment methods would be promoted in the build-up to 2018 to ensure customers were not left "high and dry" by the withdrawal.
