Our sixth Milestones Report shows that the drop in cheque use in the 12 months to June 2016 is the greatest annual drop in the last decade.
Today’s report shows that cheque use dropped by 17.2% to 126.4 million. This compares to a 15.7% drop in 2015 and 13.5% in 2014. Since 2006, cheque use has dropped 73%. Cheques now only account for about one percent (1.2%) of all non-cash retail payments.
Cash use also continues to drop steadily. The number of ATM withdrawals dropped by 6.6% to 675.8 million - also the greatest annual drop in the last decade - having dropped 4.9% in 2015 and 4.2% in 2014.