The future of money timeline
Do you know your ingots from your IVAs? Scroll through our timeline to explore the history of money and the impact that technology has had on the way we spend and manage our finances.
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Teamwork and bartering
A long time ago

What is it?
For important items, such as food and clothes, people used to work together to collect resources and then share them out. If there was a surplus of goods or services, people would trade or barter them.1
Did you know?
Bartering didn’t always mean an instant exchange of goods – depending on what you were exchanging,you might have to wait for a harvest before getting your part of the deal.
Image: | unsplash.com/search/trade?photo=SK1_JK-ZHOo |
Text: | 1businessinsider.com/infographic-the-evolution-of-our-money-2012-7?IR=T |

Livestock
8000 BC

What is it?
The trading and purchase of goods and services with livestock such as cows, sheep and camels is widely regarded as the first form of currency.1
Did you know?
To this day, for the Maasai and Samburu people of East Africa, cows have always been their most important possessions. Cows represent wealth – the more they have, the wealthier they are. The word ‘money’ in Latin is pecunia, which is derived from pecus meaning cattle.2 3
Image: | unsplash.com/search/livestock?photo=7cYehJGcoSI |
Text: | 1businessinsider.com/infographic-the-evolution-of-our-money-2012-7?IR=T |
2www.encyclopedia.com/social-sciences-and-law/anthropology-and-archaeology/people/maasai | |
3www.vocabulary-lesson-plans.com/latin-root-pecunia.html |

Shekel
3000 BC

What is it?
The shekel was used in ancient Israel and usually referred to a weight of barley. This shekel equalled around 180 grains or 11 grams.1 2
Did you know?
Israel’s currency to this day is still called the shekel, but this now refers to the notes and coins that we are more used to in the present day.3
Image: | savorthesouthwest.wordpress.com/tag/haydenflourmills-com/ |
Text: | 1businessinsider.com/infographic-the-evolution-of-our-money-2012-7?IR=T |
2britannica.com/topic/sheqel |

Ingots
1850 BC

What is it?
In ancient Mesopotamia, people would pay for goods with blocks of different metals, known as ‘ingots’.
Did you know?
Ingots were made in all different shapes and the value was based on their weight.
Image: | commons.wikimedia.org/wiki/File:Copper_Ingot_Crete.jpg |

Metal Coins
1000-600 BC

What is it?
The first coin with its value imprinted on the side was made in 650 BC in Lydia (now modern day Turkey).1
Did you know?
The £1 coin was first introduced in 1983, it is estimated that there are over 1.5 billion of these in circulation.2
Image: | commons.wikimedia.org/wiki/Ancient_Greek_coins |
Text: | 1www.royalmint.com/discover/uk-coins/counterfeit-one-pound-coins |
2businessinsider.com/infographic-the-evolution-of-our-money-2012-7?IR=T |

Paper money
AD 700

What is it?
The first paper money was introduced in China more than 500 years before Europe caught on in the 17th century.1
Did you know?
The largest banknote ever issued by the Bank of England was the £1,000,000 note, designed in 1948 for use by the U.S. government only. The notes were cancelled after just a few months.2
Image: | commons.wikimedia.org/wiki/File:Qing_Dynasty_banknote_(Xianfeng_Era).jpg |
Text: | 1books.google.co.uk/books?id=kCeficNDWMAC&pg=PT220&lpg=PT220&dq=Paper+money+(AD+700)&source=bl&ots=YQoXSEqKB&sig=FT9cjvUIHAbLMP03WkR8RP3ECAg&hl=en&sa=X&ved=0ahUKEwiF5J6u2ZzTAhUoCcAKHRZWD0EQ6AEIIjAA#v=onepage&q=Paper%20money%20(AD%20700)&f=false |
2www.bbc.co.uk/news/magazine-21145103 |

Credit cards
1966

What is it?
1966 saw the UK's first credit card beginning a revolution that made money and credit more accessible than ever.1
Did you know?
The idea of credit and ‘charge’ cards came after a man used a cardboard card to pay for his dinner in New York. After one year, 20,000 people had joined his new idea.
What are the benefits?
Credit cards offer consumers protection under Section 75 of the Consumer Credit Act 1974, offering cover in certain circumstances if something goes wrong with new or second-hand goods purchased in the UK or abroad. Under Section 75 you could be entitled to compensation if goods you’ve bought on your credit card are faulty, not delivered or the information given about them was misleading.2
Image: | timeline.barclays/content/1966/The-credit-revolution.html |
Text: | 1theukcardsassociation.org.uk/history_of_cards/index.asp |

Cash machines
1967

What is it?
The world’s first cash dispenser was installed in the UK.1
Did you know?
There are more than 1.6 million machines across the world.
What are the benefits?
People can access their money even when banks are closed, 24 hours a day.
Image: | joinus.barclays.com/brochure/focus-on-innovation-and-technology.html |
Text: | 1theukcardsassociation.org.uk/history_of_cards/index.asp |

Online shopping
1994

What is it?
The first online purchase was made and we now spend over £1 billion per week online in the UK.1
Did you know?
Online purchases are encrypted using an algorithm based on prime numbers as it’s very difficult to determine the prime factors of a large number, making it harder for fraudsters and hackers.
What are the benefits?
Online shopping is a great way to source the best price and work out whether it’s cheaper online or in the shop. Sometimes you can get an even better deal if you combine this with websites that give you cashback for shopping with them.
Image: | timeline.barclaycard/ |
Text: | 1businessinsider.com/infographic-the-evolution-of-our-money-2012-7?IR=T |

Chip and pin cards
2004

What is it?
The use of a keypad to enter the card’s PIN (Personal Identification Number) was launched to replace signatures when making a purchase.1
Did you know?
It is believed that about 11% of people use the PIN 1234, don’t be one of them.
Image: | www.home.barclaycard/insights/payments/celebrating-a-decade-of-chip-and-pin-top-10-facts.html |
Text: | 1news.bbc.co.uk/1/hi/business/7839823.stm |

Contactless payments and mobile wallets
2014

What is it?
Contactless payments were introduced in 2007 to speed up transactions for lower value items and replace cash payments – many banks now issue contactless debit cards as standard. A mobile wallet is a way to carry your credit card or debit card information in a digital form on your mobile device. It uses the same technology as contactless cards so that mobile phones, smartwatches and other items can be used to pay for items.1
Did you know?
Mobile wallet payments have the potential to have a major impact across the world - for example, there are more mobile money accounts than bank accounts in countries such as Kenya, Madagascar, Tanzania and Uganda.2
What are the benefits?
Convenience, simplicity and speed – a purchase can be made in seconds with a simple tap or scan.
Image: | joinus.barclays.com/brochure/focus-on-innovation-and-technology.html |
Text: | 1www.paymentscardsandmobile.com/future-digital-payments-2/ |
2barclayscorporate.com/content/dam/corppublic/corporate/Documents/insight/mobile-money-in-africa.pdf |
The future
What could the future of money look like?
People’s lives are busier than ever, so convenience and simplicity will continue to drive changes to the way we spend and manage money.
Advancing technology is creating new opportunities for this all the time, but requires increasingly sophisticated ways in which we protect ourselves against fraud and approach security issues.1 2 3 4
Text: | 1www.raconteur.net/technology/how-the-payments-industry-is-set-to-look-in-2020 |
2uk.businessinsider.com/future-of-payments-trends-in-payment-processing-2016-10?r=US&IR=T | |
3www.weforum.org/agenda/2015/08/5-predictions-for-the-future-of-payments/ | |
4www.mobilepaymentstoday.com/articles/5-mobile-payment-trends-to-watch-in-2017/ |
Talking to devices

What is it?
Devices that are ‘voice aware’, or can become so by downloading an app, enable you to ask questions and speak commands and get answers back. You could check your bank account balance or buy something directly from a shop via your mobile phone, TV or even your car.1
What are the benefits?
Multitasking will take on a whole new meaning as you manage your finances and order your shopping whilst cooking dinner.
Image: | www.flickr.com/photos/qubodup/4112788560 |
Text: | 1www.telegraph.co.uk/business/2017/02/13/pay-speak-santander-revamps-voice-banking-app/ |

Automatic authentication / Invisible payments with complete control

What is it?
Shops, devices and wearable technology will become increasingly connected and intelligent, able to prompt consumers based on their buying behaviour patterns.1
What are the benefits?
You leave the house, and your wearable device asks if you want your usual coffee from your local barista – you click yes. The store uses facial recognition so you are able to pick up your coffee and walk out, whilst your payment is taken invisibly in the background. Quick and easy.
Image: | www.barclayscorporate.com/insight-and-research/technology-and-digital-innovation/payments-interview/_jcr_content/bc-content-center-par-1/textimageeditor/image.corppublic.full.high.jpg |
Text: | 1wareable.com/wearable-tech/the-best-wearable-payment-devices-976 |

Biometric technology

What is it?
Biometric technology, which uses scans of a person's fingerprint or eyeballs could change the way we pay for goods.1
What are the benefits?
According to a survey by VISA, consumers viewed biometric as a secure way to make a payment.2
Image: | www.newsroom.barclays.com/r/2987/barclays_first_in_uk_to_launch_new_biometric_reader_for |
Text: | 1news.bbc.co.uk/1/shared/spl/hi/guides/456900/456993/html/default.stm |
2visaeurope.com/newsroom/news/european-consumers-ready-for-biometrics |