I’m a sole trader who runs a window cleaning business, and many of my customers pay me by cheque. What am I going to do?
This group is expected to see the biggest impact when cheques disappear in 2018, not least because many won’t be able to invest in the technology the industry is relying on taking over from cheques.[From Cheques out, but what does it mean for everyday payments? | Money | The Guardian ]
What? Sole traders don’t have mobile phones? What a load of old rubbish. In a list of “8 Things Your Phone Will (Probably) Replace”, the payment terminal shows up as no. 4 and I can’t say I disagree.
Handsets already connect to the same networks as mobile payment terminals so to think they will be able to mimic the same functionality isn’t too hard to imagine.[From 8 Things Your Phone Will (Probably) Replace – Consumerologist’s posterous]
We already have the cheque replacement technology in our hands. What many people don’t yet have are cheque replacement systems, but we’re getting there as more non-banks move to open up this sector, as has long been obvious to most non-bankers. Of course, cheques are only one part of the payments business that could be replaced by non-bank alternatives.
Indeed, banks have been extremely slow to meet the evolving customer demands of the digital age. With the rise of these new Web 2.0 business models we are experiencing a complete change in the way money is transacted. In the future, it won’t be the banks that are sending out thousands of cheques or triggering tens of thousands of micro bank transfers to these users.[From Financial World Online]
This isn’t bad for banks – as we were discussing with reference to M-PESA – provided they have a strategy for using these new payment systems to everyone’s advantage.
These are personal opinions and should not be misunderstood as representing the opinions of
Consult Hyperion or any of its clients or suppliers