The Payments Business Daily Update

Glad to see that the lockdown is finally coming to an end.  The PM’s message was clear, use common sense to open up again.  At all costs we must stop the virus spreading and we must take precautions to prevent it.

I’m surprised by some of the reaction and it’s clear some politicians and union leaders are using the plans as an excuse to reopen old political lines.  I’m also surprised by the reaction from the average person who seems to want the government to tell them every step they need to take.  Boris is right to pain a broad picture and rely on sensible people to fill in the details.

John Doyle., Managing Director, The Payments Business

I’m going to run a series of articles about the evolution of payments.  Whilst researching I cam across this quote from Paymentsense.com and thought it very apt.

The idea of using a card to pay for goods dates back to the late 1800s, mentioned in Edward Bellamy’s novel Looking Backward. In 1914, special customers of the US bank Western Union were given a metal card that allowed them to postpone making payments. But 1950 was the year that things really changed.

The US Diners Club released charge cards that allowed card holders to charge their meals to their accounts and settle the bill later. It began with 27 restaurants signing up to the scheme and had 20,000 members by the end of the year.

Though initially aimed at restaurant patrons, the concept of giving people cards that represented credit caught on, and banks began to adopt their own version of the practice. The first UK charge card was released by Franklin National Bank in 1951, later followed by American Express in 1963 and Barclaycard in 1966.

From the late 1980s and beyond, people began to embrace debit and credit cards as their choice way to pay. By 1994, half of UK adults had a debit card. Four years later, debit payments had surpassed cheques.

As more people got used to the idea of paying for things using plastic instead of cash, the industry began to develop products and technologies to suit this new consumer demand.


Latest Payment Headlines

View all these on our on our website; today’s guest contributor is FinTech Times.

FinTech Times
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