Why has the use of cheques fallen in recent years?

The use of cheques has declined in recent years primarily due to the rise of digital payment methods, such as mobile wallets and online banking, which offer greater convenience and speed. Additionally, businesses and consumers increasingly prefer electronic transactions for their efficiency and security, reducing reliance on paper-based methods. Many banks are also phasing out cheque processing services, further contributing to this decline. Overall, the shift towards a cashless economy has significantly impacted cheque usage.