News Articles

Tuesday, December 31, 2013

UK government contemplates allowing cheques to be 'paid in' by smartphone photo

The UK government says it’s launching a consultation in 2014 that could result in consumers taking photos of their cheques instead of taking the physical cheque to a bank. As a result, the money could be in a customer’s account within two days rather than six.

It’s considering faster cheque-processing technology that may let consumers take a picture of their cheque via an app on their smartphone and send it to their bank. Barclays aims to be the first bank to pilot this type of ‘mobile cheque deposit’ next year.

Sajid Javid MP, Financial Secretary to the Treasury, said “The government is determined to create a banking sector that works for consumers and serves businesses. We want to see more innovation so that customers see the benefits of new technologies. That is why we’re creating a new payments regulator and why we are going to consult on speeding up the cheque clearing process. We want to take the very best of the current system and make it better. We want to cheques to have a crucial role in the ongoing success of the UK.”

Nearly £840 billion of cheques were processed in the UK last year.

Author: The Fonecast
Rate this article:
No rating

Leave a comment

This form collects your name, email, IP address and content so that we can keep track of the comments placed on the website. For more info check our Privacy Policy and Terms Of Use where you will get more info on where, how and why we store your data.
Add comment


Twitter @TheFonecast RSS podcast feed
Find us on Facebook Subscribe free via iTunes

Archive Calendar

«June 2024»


Terms Of Use | Privacy Statement