Technology and money

People had to go to the banks to access their money until relatively recently. New technology has changed the way humans can access and use their money.

Credit Cards have existed in some form for at least one hundred years. The plastic cards we know were introduced in the 1950s. Banks introduced the magnetic strip on the back of cards in the 1970s.

The first ATM was launched in the UK in 1967. ATMs changed the way people banked as they could get money quickly when needed. There are over 6,000 ATMs in Dubai alone. Globally, there is an ATM for every 20,000 humans on the planet. This development made banking more convenient but still required you to have actual currency to make purchases.

 Debit Cards were introduced in the 1980s. Chip and PIN cards provided greater security and were in use by the 1990s. Customers had to enter a PIN code when using their card, which meant that no one could use a stolen card. This system remains for larger purchases, but contactless payment has become common for smaller purchases.

 Internet banking began soon after people realised how the Internet would change the world. In the 1990s, various banks started to offer Internet banking. Today, every major bank provides this service, and customers can carry out almost all transactions without visiting the bank. Digital banking such as Apple Pay and digital wallets have emerged in recent years.


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Banks and money

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