"Paper cheques in Britain are set to be phased out by 2018 as the nation moves towards an increasingly cashless society.
The UK Payments Council has said that there will be a gradual move towards contactless smart cards and electronic payment systems, which will see the end of the paper cheque by October 31st 2018.
'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,' says chief executive Paul Smee.
He goes on to add that the cheque is in long-term decline, with usage dropping by 40 per cent in the past five years alone.
The council has advised that it will be promoting the use of other payment methods, such as smart cards, so that consumers have an alternative to the traditional cheque when it is phased out.
According to BBC News, in three to five years it is expected that the use of cash will have been eradicated to such an extent that the nation will become a cashless society." ...Source
