20 Years Of Debit
Two interesting milestones in modern banking are being celebrated this year. The 40th anniversary of ATMs, the first one was installed by Barclay’s in June 1967. 20 years ago in June, the Barclay’s, once again, launched the first Debit cards in the UK And since its introduction, the debit card has transformed the way we pay. Many people in the West can’t imagine a world without cards. According to the UK Association of Payment Professionals, before the launch of debit cards, 6% of all supermarket transactions were conducted using credit cards. Today the card usage, both credit and debit as jumped to 66%. While the reason for the use of cards could be many, these cards themselves are facing an uncertain future. With services like Electronic Money and payments using mobile phones, cards could soon be consigned into the dustbin of history.