Cheque accounts, credit cards and wire transfers provide means of payment for the exchange of goods and services, and financial assets.

ECONOMIST: Finance: trick or treat? | The

As now, anyone paid by cheque will deposit it in their bank, to be sent on to various clearing houses, which route the cheque back to the issuer's bank for payment approval and the transfer of funds.

ECONOMIST: America's new law on cheques

Consumers wanting to buy goods by mail order may be unable to pay by cheque because the seller will be unwilling to accept a payment that carries a levy of nearly 25%.

ECONOMIST: Borders and barriers