The move has been hastened by various limit reductions, the continued reduction of cheque usage during the Covid-19 lockdown period as well as the adoption of digital and cheaper alternatives by clients, according to businesstech.co.za.
Cheque books are seldom seen in society today, with the convenience of contactless cards taking over the payments space. Historically, clients would have been able to pay up to R5 million using a cheque, the bank said. Standard Bank said that it will stop the use of all cheques on 31 Devember.
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