eli5 How did Credit/Debit Cards work before Chip & Pin Machines?
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Cards don’t go too far back. During my 38 years of living there were always swipe machines. Before then, they’d have to write all info on a paper but that didn’t last long.
Cards don’t go too far back. During my 38 years of living there were always swipe machines. Before then, they’d have to write all info on a paper but that didn’t last long.
There was a version before all of the other comments in this thread.
Wikipedia seems conflicted on dates:
https://en.wikipedia.org/wiki/Cheque_guarantee_card –
> The first cheque guarantee card scheme was introduced in the United Kingdom in 1965.
https://en.wikipedia.org/wiki/Cheque –
> In 1969 cheque guarantee cards were introduced in several countries, allowing a retailer to confirm that a cheque would be honored when used at a point of sale. The drawer would sign the cheque in front of the retailer, who would compare the signature to the signature on the card and then write the cheque-guarantee-card number on the back of the cheque.
i.e. originally it was a card separate to the chequebook that had your signature on it already.
HSBC claims it was the first bank to do so, in 1966: https://www.about.hsbc.co.uk/hsbc-uk/history-timeline
They even have an image of their original card. Small numbers! https://www.about.hsbc.co.uk/-/media/uk/images/hsbc-in-the-uk/timeline/cheque-guarantee-cards.jpg
I count 6+ different generations of security on the cards we use today, an incredible lasting design?
There was a version before all of the other comments in this thread.
Wikipedia seems conflicted on dates:
https://en.wikipedia.org/wiki/Cheque_guarantee_card –
> The first cheque guarantee card scheme was introduced in the United Kingdom in 1965.
https://en.wikipedia.org/wiki/Cheque –
> In 1969 cheque guarantee cards were introduced in several countries, allowing a retailer to confirm that a cheque would be honored when used at a point of sale. The drawer would sign the cheque in front of the retailer, who would compare the signature to the signature on the card and then write the cheque-guarantee-card number on the back of the cheque.
i.e. originally it was a card separate to the chequebook that had your signature on it already.
HSBC claims it was the first bank to do so, in 1966: https://www.about.hsbc.co.uk/hsbc-uk/history-timeline
They even have an image of their original card. Small numbers! https://www.about.hsbc.co.uk/-/media/uk/images/hsbc-in-the-uk/timeline/cheque-guarantee-cards.jpg
I count 6+ different generations of security on the cards we use today, an incredible lasting design?
There was a version before all of the other comments in this thread.
Wikipedia seems conflicted on dates:
https://en.wikipedia.org/wiki/Cheque_guarantee_card –
> The first cheque guarantee card scheme was introduced in the United Kingdom in 1965.
https://en.wikipedia.org/wiki/Cheque –
> In 1969 cheque guarantee cards were introduced in several countries, allowing a retailer to confirm that a cheque would be honored when used at a point of sale. The drawer would sign the cheque in front of the retailer, who would compare the signature to the signature on the card and then write the cheque-guarantee-card number on the back of the cheque.
i.e. originally it was a card separate to the chequebook that had your signature on it already.
HSBC claims it was the first bank to do so, in 1966: https://www.about.hsbc.co.uk/hsbc-uk/history-timeline
They even have an image of their original card. Small numbers! https://www.about.hsbc.co.uk/-/media/uk/images/hsbc-in-the-uk/timeline/cheque-guarantee-cards.jpg
I count 6+ different generations of security on the cards we use today, an incredible lasting design?
Before chip and pin machines, credit and debit cards were used in a variety of ways. Most commonly, merchants would manually enter the card number and expiration date into a terminal and then manually compare the signature on the back of the card to the signature on the receipt. This method was vulnerable to fraud and was eventually phased out in favor of chip and pin machines. Chip and pin machines require the user to enter a PIN in order to complete the transaction, making it more secure and reducing the risk of fraud.
Before chip and pin machines, credit and debit cards were used in a variety of ways. Most commonly, merchants would manually enter the card number and expiration date into a terminal and then manually compare the signature on the back of the card to the signature on the receipt. This method was vulnerable to fraud and was eventually phased out in favor of chip and pin machines. Chip and pin machines require the user to enter a PIN in order to complete the transaction, making it more secure and reducing the risk of fraud.
Before chip and pin machines, credit and debit cards were used in a variety of ways. Most commonly, merchants would manually enter the card number and expiration date into a terminal and then manually compare the signature on the back of the card to the signature on the receipt. This method was vulnerable to fraud and was eventually phased out in favor of chip and pin machines. Chip and pin machines require the user to enter a PIN in order to complete the transaction, making it more secure and reducing the risk of fraud.
Or, you had to observe “banking hours” & actually walk into a specific building, queue up, & then interact with an actual human & fill out a form indicating how much $ u wished for.
Crazy times they were.
Or, you had to observe “banking hours” & actually walk into a specific building, queue up, & then interact with an actual human & fill out a form indicating how much $ u wished for.
Crazy times they were.
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