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26th September 2008
Small retailers stand by out-of-vogue cheques
HSBC has insisted that cheques remain popular among small, independent retailers, even as official figures show their usage has more than halved over the past two decades.
In 1990, some 11 million cheques were written every single day, but that figure has since plummeted to fewer than five million today.
In spite of their dwindling popularity, an HSBC spokesman argued that paying with a cheque is "empowering" for many people, while several smaller retailers still prefer their convenience.
"There still remains a strong core of people who like using cheques and indeed a fairly strong segment of the market, when it comes to the retailers, who accept cheques," he explained.
"Those are small, independent retailers and service providers such as trades people, who find it convenient and easy."
Cheques are also still the preferred method of payment for a set of niche purposes, including club subscriptions, bill payments and naturally the giving of birthday gifts.
Affirming the appeal of using a cheque for retail purposes, the HSBC spokesman added: "For many people it is still quite empowering and positive. They feel it puts them in control of the transaction."
(c) 2008 Adfero Ltd.
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