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UK Payments 'predicts growth' in cashless solutions
4 Jan 2010

Further innovations in cashless payments are expected in the coming years as cheques are slowly phased out over the next decade, according to UK Payments.

James Salmon of the Daily Mail reported that with the UK's central cheque clearing set to close in October 2018, it is likely that new developments will be made in alternative payment systems.

Among the emerging solutions currently tipped for growth include prepaid cards, mobile payments and other online payments.

Schools are increasingly moving towards a cashless system for paying for pupils' meals, while eMoney solutions are already in use to pay for services such as milk delivery and to donate to charities.

IMS Research report analyst Don Trait noted earlier this month that smart cards and eMoney could double in popularity by 2014, particularly in the banking, transportation, government and healthcare sectors.

The group anticipates that more than one billion smart cards could be produced annually within the next five years.