Furthermore, the argument that we could accept a higher trend inflation rate ignores how much the structure of the economy has adapted – in good ways – to “two point something” inflation. The structure of nominal interest rates, to name just one thing, has been predicated on that being the medium term anchor.
While this high cheque volume could be attributed to overall growth in the economy and the consequent growth in financial transactions, it is nonetheless desirable that transactions in electronic form increases at an increasing rate rather than being contended  BIS central bankers’ speeches  1  with transactions through cheques increasing at a decreasing rate.