If you’ve been debating whether to throw out your chequebook because you hardly ever use it any more, experts say you should wait, as paying by cheque could be making a comeback due to new technology.
British academics have developed a new electronic cheque that not only eliminates a large portion of the transport and processing costs which can make the lives of retailers and banks harder but also preserves the convenience that has traditionally accompanied their use with a current account. Called a ‘tech-cheque” chequebook, the new technology mimics the look and feel of a paper chequebook, and works in much the same way.
However, these tech-cheques differ in that a special pen is used instead of a traditional one. This pen is fitted with a miniaturised camera that records penstrokes made against a myriad of nearly microscopic dots printed on the surface of every cheque, and after the user hands the cheque over and fills in their stub to keep their own records, the pen will update their bank via a wireless connection upon their return home.
Both the digital pen and the cheques will only work in conjunction together, and are useless if the pen is not synced with a specific computer after the fact – namely the owner’s secure computer. This means that thieves would be hard-pressed to gain any use out of the device, according to Dr John Vines, one of the researchers responsible for the new technology.
The beauty of the system, Dr Vines said, is that customers can treat each transaction as a physical paper-based one, but that for banks, each transaction is both electronic and inexpensive. The device, which was developed in tandem with Northumbria, Newcastle, and York universities is to be presented at a US conference for computer supported co-operative work located in the city of Seattle, with talks being held with banks afterwards to gauge interest in the new technology.