People have moved further and further away from paying for things with physical money. With advancements in technology and the accessibility of said technology, it has never been easier to spend. We now have access to almost all of our money at the drop of a hat with the simple tap or swipe of a card.
In 1887, the novel ‘Looking Backward’ by Edward Bellamy predicted credit cards before their invention, with the Utopian novel having discussion of objects that are actually similar to modern bank cards. Then establishments began to give out ‘metal money’ which could be used for purchases in specific locations. This then developed into American Express that was accepted in a large number of outlets. Around the 1960’s, several different banks began to allow the use of credit cards by customers. In 1967, the first cash machine was made by John Shepherd-Baronn and was established in Middlesex.
The way we handle money has changed over the years to become more and more convenient as the sums of money that we have to handle become higher and higher. I wonder what the next advancement in banking will be and how it will push the world forward.