Cheques could soon be paid through smartphone, if plans are to go ahead in the New Year, with some banks trialling a new system in April.
The system would work by taking a snapshot of any cheques you may receive through an app, cashing the cheque and erasing the picture instantaneously.
The money would still take two days to arrive in your bank account, but is still quicker than the standard six days it could take by going into branches.
Details are sketchy, but it’s thought that some banks will be trialling the system in April, possibly linking banking apps to the system.
One major issue is security, but developers were quick to quash claims that cyber-theft could increase if the system is put in place, stating that no pictures will be saved onto mobile phones, getting rid of any risks.
Cheques are becoming less and less common in recent years with the development of online banking apps for phones, but this system will help those who still deal with the method of payment.
Banks throughout the UK will still cash cheques of course, catering to those of us who don’t fancy banking through our phones.
But this step again shows the dominance of smartphones in our everyday lives, and could be the start of even more daily services being based through our phones.