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"Elderly will adapt to credit cards once cheques disappear"

By admin | January 18th, 2010 | General

After the recent announcements that cheques in the UK are to be phased out by the end of October 2018 a number of groups expressed concern that there would be many people that would be unable to cope with cheques to rely on, and one of these groups was the elderly.

Concerns were expressed over how used to cheques elderly people had become and how difficult many might find it to adapt to other methods of payment. For many older people cheques have been a main payment method for many decades, and some believe that it will be difficult for these people to break out of the habit of using cheques.

However, Saga Magazine has stated that despite the concerns that have been expressed over how elderly people will cope without cheques they are perfectly able to adapt to using other forms of payments, and in many cases older people would turn to credit cards to make payments for purchases that they would have traditionally used cheques to make payment for.

It was pointed out that many retailers had already stopped accepting cheques as a form of payment over the past eighteen months, even though the UK Payments Council does not plan to phase out cheques until towards the end of 2018. Emma Soames from Saga said that although many people might think that it would be difficult for older consumers to cope without cheques this would not be the case.

She 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: cheque, credit card, debit card, Electronic commerce, Emma Soames, Payment systems, Traveler's cheque, UK Payments Council

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