Cheque

Abstract: A self-service financial document processing terminal (10) accepts from a user a document (100) to be processed for a financial transaction such as depositing a cheque or paying a bill. After processing, the terminal (10) issues a receipt slip (300) to the user containing printed details of the transaction (302,304) together with a printed image (306) of significant portions of the document (100).

Abstract: A portable pocketsize data carrier, also referred to as pay token, stores more than one bank and/or credit account number in selectably accessable registers. The pay token is equipped with four or five selector buttons for carrying out a large variety of performance modifications. Aided by visual feedback through an integrated display window, the user may using a single button (a) insert a confidential number into the pay token for internal comparison with a factory-made number which cannot be read out (b) Select and activate one of 9 account or similar registers (c) Define a small cash amount in single figures currency units or a multiple thereof which the user desires to transfer from a selected token account to an uncommitted register, the rapid payment register or money register. The latter is electronically so connected that entry of the personal identifying number is not required prior to payment from that register--as is required when payment is made from any of the account registers directly. The purpose of producing a long-life multiple account pay token is gradually to reduce the demand of coins and bank notes thereby lowering the high cost of minting and printing them; in parallel thereto the relatively high cost of operating cheque accounts by banks shall be reduced.

Abstract: This study examines the effect of adopting cashless payment in five European Union (EU) countries, namely, Austria, Belgium, France, Germany, and Portugal, for the period of 2000-2012. The within and between effect of adopting cheque payment, telegraphic transfer, card payment and electronic money on these EU’s economy are examined by applying the Pedroni residual cointergration and Panel Vector Error Correction Model (VECM). There is short run causality running from cheque payment to telegraphic transfer and card payment, as well as causality running telegraphic transfer to card payment. In the long run, there is significant effect of adopting cashless payment on the economy of the five EU countries. The adoption of one type of cashless payment will affect another type of cashless payment in the short run. The impact of adopting cashless payment on economic growth can only be significantly observed in the long run. Hence, any policy that promotes cashless payment will not affect the economy immediately.