From credit cards to contactless payments, telephone banking to banking apps, the financial world is constantly evolving, but as a nation how aware are we of the services available to us in the personal banking world?
A new report published by Nationwide Building Society, looking at the history of payments, has revealed that while Brits are keen to keep up-to-date with the latest methods of payment and banking, the majority are unable to recall the order in which these payment methods were released.
When asked to put a timeline of banking events in date order only 15% of those surveyed knew that ATMs were introduced in the 1960’s, while the majority (41%) thought that they were introduced in the 1970’s.
Timeline of key UK banking events:
1965 : Cheque Guarantee card introduced
1966 : Credit cards introduced
1967 : First ATM introduced
1980 : Telephone banking launched
1987 : Debit cards introduced
1997 : Online Banking launched
2003 : Chip and PIN rollout starts
2006 : Chip & PIN becomes mandatory
2007 : Contactless cards introduced
2008 : Faster Payments Service goes live
2014 : Paym launched
2015 : Payments via Apps launched
As new payment methods are rolled out, Brits are getting more confident in using what is available to them, but what will the future hold for the evolution of financial payments?
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