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.