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"Credit cards to be used instead of cheques by elderly"

By admin | January 16th, 2009 | Credit Cards

A recent report has suggested that many elderly people will turn to credit cards to make their various transactions once cheques are phased out. Saga Magazine has stated that whilst many industry officials have expressed concern over how elderly consumers will cope with cheques are phased out in the UK most are more than capable of substituting cheque use with credit cards.

The UK Payments Council is aiming to phase out cheques in the UK by the end of October 2018, but already many retailers in the UK are no longer accepting cheques as a form of payment. In fact, some retailers have been refusing cheques as a form of payment for well over a year.

This means that many pensioners have already had to get used to other payment methods, but some people have expressed concern that because elderly people tend to be more reliant on cheque use they could find it more difficult to cope when cheques are no longer an option for making payments.

Emma Soames, the editor for Saga Magazine, said that there are many people that have said that older people will struggle to adapt to alternative payment methods once cheques disappear because they have become so used to using cheques.

However, she disputed this, adding that elderly people would easily adapt to other methods of payments, and many would start to use credit cards in place of cheques.

Soames said: “Our customers are very at home using credit and debit cards and have been for many years. The realistic timetable of phased withdrawal by 2018 will give the more nervous consumers time to adjust to new payment methods and also allow the development of technology to fill any potential gaps.”

Tags: pensioners credit cards, credit cards replace cheques, Credit Cards

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