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Debit card celebrates 20th anniversary

UK payments association Apacs has issued a report on the history of the debit card, to mark the 20th anniversary of its introduction.

The report details the way in which the debit card has transformed the way payments are made since its launch by Barclays in 1987, with 41 million people now using the cards in the UK and £194.9 million being spent on debit cards in 2006.

Debit cards now account for 66 per cent of supermarket spending, the report reveals, with 68 million cards currently in circulation.

"It's hard now for most of us to remember what life was like before the debit card, as it's become one of those things we're unlikely to leave home without," commented Jemma Smith, head of PR at Apacs.

"Over the next ten years we are likely to see more significant changes as new technologies are added to our debit card," she added.

Contactless cards will be trialled in London this September ahead of a national rollout in early 2008, although financial advice website the Motley Fool has advised consumers to be careful not to overspend when using the new technology.

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01/06/2007 16:53:34

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