July 20, 2016
With payment technology advancing faster than ever before, we take a look back on card payments. From the first card scheme to the introduction of contactless credit cards, there are many landmarks in the history and evolution of card payments; however, their success did not happen overnight. The first credit card was introduced in the UK in 1966 by Barclays, which was based on BankAmericard that had been launched a few years earlier in the USA. The debit card was not introduced until 1987, and chip-and-PIN till 2002. At present, cards are the leading payment method in the UK in terms of value, accounting for 32% of GDP in 2014, and in March 2016 a whopping £51.9 billion was spent using card . Today, cards are issued by numerous organisations and have varying levels of functionality depending on the issuer.