The demise of the cheque

(06-07-07) - London Underground and Argos are the latest companies announce that they will soon refuse cheques from customers.

Customers buying tickets at Tube stations from 15 July will not be able to pay by cheque - largely due to the popularity of Oyster cards that now make up three-quarters of transactions. A London Underground spokesman told the BBC: “In 1990, cheques made up around 87 per cent of non-cash transactions at ticket offices - now they make up less than 1 per cent.”

Argos will also join the growing number of retailers, including Asda, Morrisons, Boots, WH Smith and Shell, that favour plastic over paper. From 28 July none of its 680 stores in the UK and Ireland will accept cheques.

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