Cheques suppression
- The US Treasury decided to switch off paper-cheques for social benefits transfers and non-tax payments. Starting May 2011, all new beneficiaries will have to choose between having their benefits directly deposited on a bank account, or, if they do not have one, having their prepaid MasterCard Direct Express credited. This product, created in 2008, is already used by 1.5 million people. Starting in 2013, the current beneficiaries will also have to make this choice.
- Considering paper-cheques' annual management costs -120 million dollars-, the US Treasury plans to save one billion dollars over ten years.
- The United States remains one of the most important users of cheques. The Federal Treasury's decision coupled with the development of contactless solutions may fasten the speed of payment dematerialisation, without intermediary step which would have benefited to traditional smartcards.