(MENAFN- The Peninsula) Qatar's economy is rapidly moving towards cash less as more payments are being done through cheques. The daily average value of cheques cleared by the banks has surged by 39 percent in the last five years.
According to the Qatar Central Bank data, the daily average of value of cheques cleared by banks jumped to QR1.2bn in 2013 from QR868m in 2009. Also the daily average of total number of cheques cleared by banks grew by 17.5 percent to 17.5 billion in 2013 from 14.9 billion in 2009
Qatar's transition from cash-based payment system to cashless society is a positive sign for its economy because it shows the growing financial awareness of citizens. Also, when a country moves higher in the ladder of economic development its economy moves from cash-based to cashless system of payment
The central bank's data of the last five years shows that total number cheques cleared by banks has risen steadily. According to QCB data, total value of cheques cleared grew by 36 percent to QR298bn at the end of 2013 from QR218bn at the end of 2009.
Though the trend of using more cheques by consumers has been rising gradually since 2009, but there was a decline in their usage around three years back in 2011 when economies around the world were slowly recovering after the global financial crisis which hit the global financial system in 2008.
The daily average of number of cheques cleared by banks fell to 9.4 billion in 2011 from 15 billion in 2010. Similarly the daily average value of cheques cleared by banks declined to QR552m in 2011 from QR897m in 2010
Barring this decline, usage of cheques is growing steadily in Qatar. The daily average of number of cheques cleared by banks grew from 14.9 bilion in 2009 to 15 billion in 2010, while the daily average of value of cheques cleared by banks grew from QR868m in 2009 to QR897m in 2010
Similarly, the daily average of number of cheques cleared by banks grew from 16.6 billion in 2012 to 17.5 billion in 2013, while the daily average of value of cheques cleared by banks grew from QR1bn in 2012 to QR1.2bn in 2013
The usage of cheques in Qatar is expected to go further up in the coming years as the government is pushing companies to pay to workers electronically. The banks are also encouraging customers to use more cheques and less cash because it reduces the cost for them
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