Credit Cards Paving The Way Towards A Cashless Society
Over the last 40 years since their first introduction, credit cards have rapidly become one of the most used methods of payment for goods and services. This summer it is predicted that in the UK there will be a 35 percent increase in spending using plastic between the months of July and September compared with the same period last year. Many financial analysts believe that as soon as online shopping carts and credit cards can effectively process micro payments then cash is set to rapidly become a thing of the past.
It seems as though credit cards have come a long way since the first Barclaycard credit card was introduced by Barclays in June 1966.
Back in 1966 half the UK population did not even possess a basic bank account, and the first cash machine was not opened until a year later, in 1967. Today there are an estimated 32 million credit card holders in the UK alone. The latest figures from APACS, the UK payment association, indicate that the average card holder now owes a total of
Tags: cashless society, credit cards, debit cards, financial services, uk spending