Cheques Set to Disappear in UK By 2018

Mobile Phone The Next Cheque Book?

1 min read
Cheques Set to Disappear in UK By 2018

According to news reports, the board of the UK Payments Council has set 31 October 2018 as the date when paper cheques (or checks) will be totally phased out in the UK.

The Payments Council said in explaining its decision,

"Cheque use is in long-term, terminal decline. The Payments Council was faced with the choice of either managing the decline to ensure that personal and business cheque users have alternatives easily available to them; or to stand back and let the decline take its course. It has decided that its active involvement can help prevent confusion and deliver cheque alternatives that are acceptable to cheque users. The Payments Council wants to ensure that consumers and businesses are not left high and dry when the closure of the clearing occurs."

Chief Executive of the Payments Council, Paul Smee, said, "There are many more efficient ways of making payments than by paper in the 21st century, and the time is ripe for the economy as a whole to reap the benefits of its replacement."

There is a full Payment Council report on what it sees as the future of the cheque here.

Some view the decision as encouraging the use of mobile phones as not only the next wallet  but cheque book as well.

The automated processing of paper cheques (Electronic Recording Method of Accounting or ERMA) by Bank of America  in the mid-1950s in many ways launched the commercial IT business as we know it today.

The Conversation (0)

An IBM Quantum Computer Will Soon Pass the 1,000-Qubit Mark

The Condor processor is just one quantum-computing advance slated for 2023

4 min read
This photo shows a woman working on a piece of apparatus that is suspended from the ceiling of the laboratory.

A researcher at IBM’s Thomas J. Watson Research Center examines some of the quantum hardware being constructed there.

Connie Zhou/IBM

IBM’s Condor, the world’s first universal quantum computer with more than 1,000 qubits, is set to debut in 2023. The year is also expected to see IBM launch Heron, the first of a new flock of modular quantum processors that the company says may help it produce quantum computers with more than 4,000 qubits by 2025.

This article is part of our special report Top Tech 2023.

While quantum computers can, in theory, quickly find answers to problems that classical computers would take eons to solve, today’s quantum hardware is still short on qubits, limiting its usefulness. Entanglement and other quantum states necessary for quantum computation are infamously fragile, being susceptible to heat and other disturbances, which makes scaling up the number of qubits a huge technical challenge.

Keep Reading ↓Show less