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Payments revolution gathers pace as cheque usage plummets

Thursday, September 9th 2010

The total value of payments in the UK economy fell 0.6% in the second quarter of 2010, according to the latest data from the Payments Council.

Cheque usage dropped by £21.5bn, down 10% compared to the same period in 2009 as businesses and consumers switched to faster and more convenient electronic payments and cards.  Every day of the quarter, on average a staggering 290,000 fewer cheques were written than the year before - over three fewer per second.

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