Our relationship with paying for things has changed significantly in a relatively short period of time. Here in the UK the Bank of England was established in 1694 and just 23 years later the first form of cheques were introduced.
It wasn’t until 1965 that the first cheque guarantee card was introduced, a way of ensuring that the amount that the cheque was written out for was certain to be paid. I am sure many of you will have had a cheque guarantee card in your purse or wallet with a £50 or £100 guarantee.
The following year the first credit card was issued by Barclaycard. A short time later the first cash dispensing machines began to appear in our high street. In 1987 we were able to start shopping with debit cards and in 1990 the cashback facility was introduced to allow us to take some cash at the till rather than the cash machine.
Concerns about security and fraud led to the introduction of Chip and PIN in 2003 whereby transactions at the till had to be confirmed by your own personal identification number. Some three years later, the financial industry made it compulsory for retailers willing to take card payment to use this method.
Nowadays, we can pay for smaller transactions by the contactless card or even your phone.
It is undoubtedly easier to pay for goods, bills or even to send funds to friends without having to wait for a bank to open or find a convenient cash machine.
Remember to be careful how you use any of these payment methods. One thing that hasn’t change in history is those who will try to dishonestly get hold of your money. Being cautious and following the guidance issued by your bank will make sure those crooks are thwarted.