When Were Debit Cards Invented?

Debit cards first appeared in experimental programs in the late 1960s and early 1970s, and became widespread in everyday banking in the 1980s and 1990s as ATMs and electronic payment networks grew.

They were designed as a way to let people spend directly from their bank account—without writing cheques or carrying large amounts of cash.

A Modern Alternative: KOHO Essential

If you want more rewards and control, KOHO Essential gives you a prepaid Mastercard® plus saving and credit building in one app:

• It has a low monthly plan fee that can be waived when you set up direct deposit or add +$1,000.

• Use a prepaid Mastercard® for groceries, bills, subscriptions, and travel.

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• You can subscribe to Credit Building for $10/month, it's an affordable way to build your credit history.

• Enjoy unlimited transactions and free e-transfers (never worry about fees when sending money to someone again).

How Debit Cards Changed Everyday Banking

Once debit cards took off, they:

• Replaced many cheque and cash payments

• Made point-of-sale and ATM transactions faster

• Helped people spend straight from their account without relying on credit