Decline in cheque payments doubles as shift towards electronic takes hold

THE phasing out of cheques is accelerating, with new figures showing the volume used here last year declined by 13% — more than double the reduction in 2008.

The Irish Payment Services Organisation (IPSO), said there has been a 23% fall in usage over four successive years of decline — from 130 million cheques to 100m.

“Businesses now have to plan and prepare to update legacy, cheque-based accounting processes with electronic ones. Apart from being faster, more secure and more cost-effective; modern electronic payment systems give the beneficiary certainty of payment — particularly important in these difficult economic times,” according to IPSO chief executive Pat McLoughlin.