Cheque books set to be written out by 2010

SERIOUS moves are taking place to get rid of the cheque book and to move the economy from cash to cards by 2010.

This was confirmed yesterday by the head of the country’s cheque-clearing system, Stewart MacKinnon.

The chief executive of the Irish Payment Services Organisation (IPSO), said Irish businesses and consumers will be expected to switch to electronic payment methods for large transactions once the Single European Payments Area (SEPA) project was complete.

The deadline set by EU Commissioner, Charlie McCreevey for the switch over is 2010.

The SEPA project will create a single payments area that will allow businesses and consumers to make payments within the 25 EU countries as well as Iceland, Switzerland, Norway and Liechtenstein, who have also committed to the plan.

Up to 8,000 separate banks and their branch networks will get involved in the scheme which is as big a move, if not bigger than the switch to the single European currency, given its complexity, said Mr MacKinnon.

Mr MacKinnon said Ireland is still wedded to the cheque book and to cash and “IPSO’s aim is to move people away from cash where possible”.