Following the publication of the Treasury Select Committee’s report, the future of cheques, Steve Davies, UK retail banking leader, PwC, said: “There’s clearly a small segment of customers who continue to rely on cheques, but use is in long-term decline. Cheques are expensive to process and new technology has afforded alternative payment options that are cheaper, faster and more secure for all parties in a payment transaction”
“Banks have to balance the continuing need to provide cheque services to a small proportion of customers with the cost, which is currently absorbed by all bank customers. The ongoing costs of providing options between traditional and new features could challenge the free banking model in place for the majority of UK bank customers.”
To view the report click here.