An image-based cheque-clearing system will be introduced later this year that will cut the time it takes for money to reach your account from up to six working days to the next weekday.
People will be able to pay in a cheque by sending a smartphone image of it to their bank under Government proposals to bolster the long-term future of the payment method.
Cheque guarantee cards will not be re-introduced, the body which oversees payments said yesterday, after finding the scheme's closure has had a "minimal impact" on consumers and businesses.
An organisation which sets payment methods in the UK should consider bringing back the cheque guarantee card just months after scrapping it, MPs said today.