I am encouraged by the decision of the Payment Council in the UK to phase out cheque payments by 2018. http://news.bbc.co.uk/2/hi/8414341.stm
The number of cheques processed in the UK declined from 800 million to 350 million over a period of 10 years for a population of 60 million. On average, each person uses 6 cheques a year.
Singapore still process 80 million cheques a year, for a population of 5 million. On average, each person uses
16 cheques a year, or almost 3 times of the UK. Singapore has become quite inefficient over the years.
The number of cheques processed in the UK declined from 800 million to 350 million over a period of 10 years for a population of 60 million. On average, each person uses 6 cheques a year.
Singapore still process 80 million cheques a year, for a population of 5 million. On average, each person uses
16 cheques a year, or almost 3 times of the UK. Singapore has become quite inefficient over the years.
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