What alternatives are there to cheques for consumers?
Many customers choose to use direct debits and standing orders for paying regular bills and commitments. Credit and debit cards have, by and large, overtaken cheques for retail purchases and CHAPS provides an electronic, irrevocable, same-day value system, usually for high-value payments. Phone and internet banking are also increasingly being used to make payments and with Faster Payments now available this same day service will speed phone and internet payments.