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Cash, Cheques And Cards – Past, Present Or Future?

Thursday 24 January 2008

The Consumer Council is hosting an event today to look at how we access and transfer our money. Will we be using cheques for much longer? What would we do if we couldn’t get money from the cash machine? These are just some of the many questions posed to representatives from financial institutions, local government, the public, community and voluntary sectors at a conference at the Stormont Hotel today in partnership with the Payments Council.

Alison Laird from the Consumer Council said, “Consumers and the economy rely on cash machines, cheques, debit and credit cards for everyday transactions.  In addition, more than 85 per cent of us rely on automated payment systems like Bacs to get our salaries into our bank accounts.  What would we do if any of these systems failed?  We are delighted that the Payments Council has come to Belfast to hear local views on this important issue.

“Consumers and businesses have come to rely on paying for goods and services in different ways.  It is important that these continue to develop and that new ways to pay are introduced.  A card that allows shoppers to pay for things costing less than £10 without a PIN or signature was piloted in London last year.  This new “contactless” technology is designed to replace the need for loose change and speed up payments.   We need innovative thinking like this to develop the future of payment methods, but it is vital that people are properly informed and feel confident about using them.

“At the Consumer Council we know how upset people feel when they don’t have choices, whether it’s shops and businesses no longer accepting cheques or companies charging extra if you want to pay by cash or cheque and not Direct Debit.

“We are aware that more efficient payment systems can result in customers benefiting from lower prices and while change can be difficult, it is not necessarily a bad thing.  Consumers must have the opportunity to shape the new payment methods and this is why we asked the Payments Council to come to Belfast today.  The Consumer Council is committed to helping consumers make the most of their money and we are working in partnership with the government, financial institutions and community and voluntary organisations to ensure that there is a strategic and co-ordinated effort to help consumers get to grips with this very important issue.  

“New technology is developing at a fast pace and the scope for developing new ways to pay for goods and services is vast.  Any new payment methods must be straightforward, efficient, cost effective and secure so that they benefit all consumers.”

ENDS

  1. Consumer Council media contact: Paula Gunn on 028 9067 4816 or pgunn@consumercouncil.org.uk
  2. The Consumer Council is an independent consumer organisation, working to bring about change to benefit Northern Ireland’s consumers. The Council campaigns for high standards of service and protection and a fair deal for all. It also carries out research, gives advice and publishes reports and other publications. It deals with individual complaints about electricity, natural gas, coal, passenger transport and water.
  3. For more information, visit our website at www.consumercouncil.org.uk

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