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The traditional paper cheques will soon become history as a team of researchers at the Universities of New York, Newcastle and Northumbria have developed an electronic cheque that offers all features that the traditional ones provide. This is a step to cut down the transport and processing costs to the bank.
The hi-tech cheque book not only looks but also works similar to the old paper ones. The only difference is that to write on it, you ought to have a digital pen that has a tiny camera attached to it in order to record the strokes made against the millions of dots that are printed on its surface. The pen will transfer the details of the transactions to the corresponding bank wirelessly.
Researchers make it clear that the cheque and the pen cannot be misused by someone else as it will work only on the secure computer hub of the user. So there will no need to worry about its safety and security. The electronic cheque will not perform the desired activity when there is not secure computer hub of the user.
Dr. John Vines, the lead researcher claims that this technology is safe and cheap for the banks and also for the users. This was developed in partnership with a team of people who are over 80 years of age. This interesting technology will be presented by the researchers and once the banks approve the concept, it will be introduced in the market.