The History of the Debit Card

Chances are, you’ve used a debit card at some point in your life. Whether you’re using it to withdraw cash from an ATM or to pay for groceries at the store, debit cards are a convenient way to access your money. But have you ever wondered how debit cards came to be? In this blog post, we’ll explore the history of the debit card and how it has changed over time.

The earliest predecessor of the debit card was introduced in 1966 by Barclaycard in the United Kingdom. This “charge-plate” was initially only available to Barclaycard holders who were also members of the British Airways Executive Club. The charge-plate allowed customers to make purchases and withdraw cash from their accounts while traveling. 

In 1967, Barclaycard expanded its program to include non-travelers and began issuing plastic cards that could be used anywhere that accepted Barclaycard. By 1969, other banks in the United Kingdom had followed suit and began offering their own versions of the charge-plate. In the United States, BankAmeriCard—a joint venture between Bank of America and Interbank Card Association—introduced the first U.S.-issued credit card in 1958. However, it wasn’t until later in the 1970s that banks began issuing debit cards in the United States. 

Since then, debit cards have become increasingly popular. In 2017, there were more than 18 billion transactions made with debit cards in the United States alone. And as technology has continued to evolve, so too have debit cards. Today, there are a variety of different types of debit cards available, including standard debits cards, rewards debits cards, and even bitcoin debits cards. 

Debit cards are a convenient way to access your money whether you’re at home or abroad. And although they may seem like a relatively modern invention, they actually have a long and fascinating history dating back to 1966. While early versions of debit cards were restricted to only a few countries, today they are widely used all over the world with billions of transactions being made every year. As technology continues to evolve, so too will debit cards—providing us with even more convenient ways to access our money.