Everyone knows that the number of checks written each year is falling – but how much longer will they last, and what will the eventual phaseout look like? Last year, Digital Check began investigating the decline of the check and published a set of white papers on these topics. The response we received was tremendous.
In April, we discussed our findings and follow-up with banking.com, including that:
- The end of paper checks will be an organized phase-out by the banking industry, not a gradual decline to zero;
- We expect this to happen when the number of checks written in the U.S. approaches 3 billion annually (we are currently at 18.6 billion)
- The likely timeframe for such a phaseout to be announced is the mid-2020s, with an effective date in the late 2020s or early 2030s.
For Digital Check’s original white papers on the end of the check, follow the links below: