Wed, 24 Aug, 2016
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Chip and pin 'displaces' cheques

Shoppers are more likely to use credit cards as a result of the new chip and pin system, an expert has claimed.

According to the head of public relations at the UK payments association (Apacs), the growth in popularity of plastic has led to rising numbers of consumers leaving their chequebooks at home.

Jemma Smith told Radio 4's Today programme that credit cards are often seen as a preferred payment method as they have become more secure since chip and pin identification was introduced.

"Over the last ten years the cheque has really been displaced by the use of cards and chip and pin has really helped that in that many more people are using cards more," said the Apacs spokesperson.

In addition, a representative for the Financial Times has predicted that cheques will account for one in 100 transactions within the next eight years as retailers aim to encourage other methods of payment.

High street giant Boots recently announced it will shortly refuse to accept cheques, claiming that they pose too much of a fraud risk to both customers and the company.