What is a cheque?
A cheque is a written order instructing a bank to pay a specified amount from the payer’s account to the recipient.
How does a cheque work?
The payer writes and signs the cheque, the recipient deposits it, and the bank processes the payment through clearing systems.
Why are cheques less common today?
Digital payments offer faster processing, lower costs, and greater convenience compared to cheques.
What are risks associated with cheques?
Risks include fraud, forgery, and delays in clearing.
Where are cheques still used?
They are still used in some business transactions and regions with lower digital adoption.