Cheques given new lease of life as banks get photo-cashing go-ahead
UK banks are to begin allowing people to pay in a cheque simply by taking a photo of it on their smartphone after the government after the government announced new legislation to introduce the photo-cashing system.
The time-saving measure promises to reinvigorate the market for cheques, which accounted for £840bn of transactions in 2012, by allowing customers to process them without the need to leave their home or office.
Steven Roberts of Barclays, which has already trialled the system, said: "This is an opportunity to move cheques into the 21st Century, to reduce costs and make banking easier and more convenient for customers.
"We look forward to working closely with other banks, industry groups and the Treasury to make this a universal nationwide service as quickly as possible, so that all customers with a cheque to deposit can do so through their phone, tablet, branch or self-service device, regardless of who they bank with."
A launch date for the technology has yet to be finalised but banks insist that they will continue to allow people to pay in cheques in branch by hand.