Barclays marks 20 years of the debit card

The financial services firm suggests that its introduction of debit cards in early June 1987 has revolutionised the spending habits of UK consumers and notes that around 143 purchases are made every second using these cards across Britain.

In addition, Barclays has revealed that the UK’s men typically spend around 33 per cent more than British women on their debit cards, despite the fact that their female counterparts use them 25 per cent more often.

“Ever since Barclaycard became the first credit card in Europe in 1966 the nation’s spending habits have changed,” commented Brian Cunnington, head of debit cards for Barclays.

“The introduction of debit cards 20 years later gave consumers even more flexibility allowing them to withdraw cash from ATMs as well as to have payments deducted directly from their current accounts when they paid in shops.”

According to the Insolvency Service, debt management problems led more than 30,000 consumers from across England and Wales to become insolvent during the first three months of this year.