In 1996, the most common form of non-cash payment was cheques. Today, cheques are the least common and debit cards are most used, he said.
The use of cash is also decreasing fast, even for payments under $20 where cash is used the most. At its peak, cash was used for 77 per cent of all transactions but that has now now dropped to 53 per cent, he said.
"In theory, no one will be using cheques by 2017," said Kendall. However, they could stick around as long as 2025 because of older people unwilling to let go, he said.
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