7 Jul 2011

End of cheque era tipped

11:20 am on 7 July 2011

The days of the chequebook may be coming to an end in New Zealand.

Only 2% of payments were made by cheque in 2010. Since 2003 their use has dropped by about 9% per year.

Some banks want cheques scrapped and Payments New Zealand is looking into that on behalf of the Bankers Association.

However, Payments NZ chief executive Steve Nichols says there is no timeframe on when cheques might be abandoned.