North East team revamps the cheque
Feb
14
Written by:
14/02/2012 12:45
Academics from Northumbria and Newcastle universities have helped to develop a new type of cashless paying system which could reinvent the chequebook method of paying for goods.
Academics from Northumbria and Newcastle universities have helped to develop a new type of cashless paying system which could reinvent the chequebook method of paying for goods.
The North East institutions also joined forces with York University to develop the new electronic system after taking into consideration the views of a group of 80-year-olds from Tyneside.
Research showed that although paying by cheque is not favoured by banks as they are expensive to process, they are still a popular choice with consumers, especially older people.
Dr John Vines, of Newcastle University, said: "Sending a cheque in a Christmas or birthday card is something many people do - not just the older generation."
With the new electronic cheques, cash transactions can be carried out instantaneously as a digital pen is used to "read" the account details and transfer the money straight into the payee's account.
This week the inventors will present their new system to the Computer Supported Co-operative Work conference in Seattle, USA.
Copyright Press Association 2012