Cheques are on the verge of becoming an obsolete payment method, according to new research by Visa UK.
Its survey reveals that the payment method accounted for a little more than 2% of retail turnover in 2006.
The research, which questioned 500 retailers as well as a cross- section of consumers, was commissioned by Visa UK and conducted by the Centre for Retail Research in Nottingham.
It also found that just 6% of consumers said they preferred to pay by cheque and 20% said they didn't bother to carry a cheque book. Cheques remain more popular with women than with men, and shoppers over the age of 50 are the most likely to continue to use them for payment.
Its survey reveals that the payment method accounted for a little more than 2% of retail turnover in 2006.
The research, which questioned 500 retailers as well as a cross- section of consumers, was commissioned by Visa UK and conducted by the Centre for Retail Research in Nottingham.
It also found that just 6% of consumers said they preferred to pay by cheque and 20% said they didn't bother to carry a cheque book. Cheques remain more popular with women than with men, and shoppers over the age of 50 are the most likely to continue to use them for payment.
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