According to the BNA, the use of checks in the country's payment system has been significantly reduced, due to "the preference for more modern, safe, fast and convenient payment instruments".
Multicaixa Expresss, the Single State Payment Reference (RUPE) and instant transfers have been the most used mechanisms for payments, as highlighted by the central bank.
In a statement, the BNA states that the issuance and acceptance of interbank checks will be discontinued on December 31, 2024 (from the issuance point of view) and on December 31, 2025 (from the acceptance point of view).
With this measure, notes the central bank, the aim is to mitigate the level of risk that the aforementioned instrument transmits to the country's payment system, its high production cost, as well as the need for large investments to renew the system.
