The first credit card in the UK is issued by Barclaycard
- First cash machine introduced to the UK
- The first ATMs predated plastic cards, so cheques impregnated with radioactive carbon 14 were used
Also in this story:
Britain officially switches to the decimal system and leaves behind shillings and florins, even though the currency had been circulating for a few years prior.
Society for Worldwide Interbank Financial Telecommunication (SWIFT) sends first message, making electronic international financial transactions possible for the first time.
Girobank establishes the first telephone banking system.
The first debit card was issued by Barclays in 1987. Other banks followed soon after in 1988.
- ‘Cashback’ is introduced
- 7 million transactions made in the first year
Nationwide becomes the first UK provider to launch an internet banking service.
- Half of all UK adults hold a credit card
- The average value of a credit card purchase exceeds £50 for the first time
- PayPal launched in UK
- Chip and PIN introduced
- First UK contactless card issued
- Currently there are about 23 million contactless cards in issue
- Phones used as debit cards
- Barclays teams up with Orange to develop the ‘Quick Tap’ payment method, using near field communication (NFC) technology
Barclays launches mobile app Pingit, enabling customers to send money using just a mobile number.