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CoverStory
In the 1990s we were told that the check would be gone by
the end of the decade.
In a nation caught up in doing Now, as the new millennium begins, it is becoming clear
everything faster, better and more to an ever-widening number of payment system stake-
profitably, it just seemed obvious holders that the paper check will continue to be around
much longer than most ever considered possible, and for
that there would be no place in the reasons that many have never understood.
21st century for the paper check. The simple fact of the matter is that both businesses and
consumers like checks, and will find it hard to function
in a world without them. The longer the check has been
around, the more the check system has improved, with
many more opportunities yet left to take cost out of this
As NASA made space travel possible and computers be- highly efficient system. ...
came ubiquitous household appliances, it was thought by
many that it was only appropriate for check payments to The relative value or correctness of all these assertions
be "electronic" as well. In a nation caught up in doing ev- aside, the fact is that for many "paper" just isn't cool as part
erything faster, better and more profitably, it just seemed of a high-tech payments future. For these "champions of
obvious that there would be no place in the 21st century change," although checks may have worked through the
for the paper check. ... years for consumers and retailers, they believe eTailers
and cybershoppers can't take their checks with them into
In the 1970s we were told by industry experts that the the 21st century.
check would be gone by 1980. In the 1980s we were told
that the check would be gone by 1990. While many payment system stakeholders would like to
alter the way consumers pay for goods and services, in a
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