Not yet time to write off UAE cheque payments

Not yet time to write off UAE cheque payments

Cheque books are on their way out in the UAE, but experts have said there is still some way to go before they are signed off for good. The number of cheques cleared through the country’s banks has fallen from 26 million in 2019 to just over 20 million for the first 11 months of […]

UAE cheque use is dropping

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Cheque books are on their way out in the UAE, but experts have said there is still some way to go before they are signed off for good.

The number of cheques cleared through the country’s banks has fallen from 26 million in 2019 to just over 20 million for the first 11 months of 2023, according to the latest data from the Central Bank of the UAE.

“It’s dropping off, but we’re in the tail,” Joel Van Dusen, group head of corporate and investment banking at Mashreq Bank, told AGBI.

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The UAE is in the middle of its National Payments Systems Strategy rollout, to improve payment infrastructure and encourage the adoption of electronic