Advertisement

Challenging Conceptual Barriers: EFT and the Debit Card

  • David L. StearnsEmail author
Chapter
  • 1.1k Downloads
Part of the History of Computing book series (HC)

Abstract

This chapter chronicles the history of Visa’s signature debit card, placing it in the context of the discussion surrounding electronic funds transfer (EFT) in the 1970s. Visa’s first debit card was introduced in 1975, yet the member banks did not widely issue it until the 1990s. I argue that this had more to do with a technological and cooperative mismatch between Visa’s debit card and the various EFT plans being formulated by the member banks than it did with protecting lucrative credit card profits.

Keywords

Credit Card Federal Reserve Consumer Credit Debit Card Payment Instrument 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

References

  1. 25 Colorado banks will start offering Entree. American Banker, p. 2 (23 April 1976) Google Scholar
  2. Bank cards are real banking, too. American Banker, p. 4 (27 September 1974) Google Scholar
  3. Banking at the chain store—closer that you think. US News and World Report, pp. 77–80 (16 September 1974) Google Scholar
  4. Banking lacks national structures to deal adequately with change. American Banker, p. 1 (25 September 1974) Google Scholar
  5. Brooke, P.: New NBI debit card is named ENTREE. American Banker, p. 1 (22 August 1975) Google Scholar
  6. Brouillette, G.: NBI set to launch debit card plan as early as october. American Banker, p. 1 (28 April 1975) Google Scholar
  7. Calder, L.: Financing the American Dream: a Cultural History of Consumer Credit. Princeton University Press, Princeton (1999) Google Scholar
  8. Card may be solution to unpaid doctor’s bills. American Banker, p. 1 (26 January 1971) Google Scholar
  9. Carter, N.H.: A different view of the checkless society. Banking 59(8), 119–121 (1967) Google Scholar
  10. Cleveland, T.: The Visa history: Tom Cleveland’s perspective. Unpublished compilation of personal stories by Tom Cleveland, former CFO of Visa International (April 1999) Google Scholar
  11. Debit card volume rises 187% at Visa: American Banker, p. 9 (14 December 1981) Google Scholar
  12. Evans, D., Schmalensee, R.: Paying with Plastic: the Digital Revolution in Buying and Borrowing, 2nd edn. MIT Press, Cambridge (2005) Google Scholar
  13. Federal legislation is introduced to establish electronic fund transfer systems commission and study. Payment Systems Newsletter, p. 1 (April 1974) Google Scholar
  14. Fee income spurs new debit strategies. Banking, pp. 92–94 (September 1991) Google Scholar
  15. Felgran, S.D.: Shared ATM networks: market structure and public policy. New England Economic Review, pp. 23–38 (January/February 1984) Google Scholar
  16. Hartmann, M., Berker, T., Punie, Y., Ward, K. (eds.): Domestication of Media and Technology. Open University Press, Maidenhead (2005) Google Scholar
  17. Hock, D.: Bank cards: today’s popular song or an unfinished symphony? Speech given at the American Bankers Association Bank Card Conference, San Francisco (14 September 1976) Google Scholar
  18. Hock, D.: Bank card industry must press for legislation on national level. American Banker, p. 4 (3 October 1973) Google Scholar
  19. Hock, D.: Electronic funds transfer or electronic value exchange? Paper presented at the Federal Reserve Bank of Boston Conference, Melvin Village, New Hampshire (October 1974) Google Scholar
  20. Hock, D.: Address Before the American Bankers Association 1984 Telecommunications and Financial Networks Conference (February 1984) Google Scholar
  21. Kutler, J.: Phoenix merchant fights Visa debit fee. American Banker, p. 1 (9 June 1977) Google Scholar
  22. Kutler, J.: Age of the debit card is coming. American Banker, p. 1 (9 March 1981) Google Scholar
  23. Lee, W.: Visa debit card volume tops credit worldwide. American Banker, p. 11 (21 April 2004) Google Scholar
  24. Mann, R.J.: Charging Ahead: the Growth and Regulation of Payment Card Markets. Cambridge University Press, Cambridge (2006) CrossRefGoogle Scholar
  25. Manning, R.D.: Credit Card Nation: the Consequences of America’s Addiction to Credit. Basic Books, New York (2000) Google Scholar
  26. Mathews, H.L., Slucum, J.W. Jr.: Correlatives of commercial bank credit card use. Journal of Bank Research 2(4), 21–27 (1972) Google Scholar
  27. Mitchell, G.: Governor Mitchell considers tomorrow’s banking. Banking 59(6), 33–34 (1966) Google Scholar
  28. Modi, M.: POS Microcosm. Banking, pp. 68–72 (October 1987) Google Scholar
  29. Nashville Banks Cautious on EFT. American Banker, p. 1 (11 December 1975) Google Scholar
  30. NBI announces Entree card. Payment Systems Newsletter, p. 1 (September 1975) Google Scholar
  31. NCNB to become biggest bank in Visa debit card program. American Banker, p. 3 (8 March 1979) Google Scholar
  32. Noble, D.: Forces of Production: a Social History of Industrial Automation. Knopf, New York (1984) Google Scholar
  33. Nocera, J.: A Piece of the Action: How the Middle Class Joined the Money Class. Simon and Schuster, New York (1994) Google Scholar
  34. O’Neil, P.: A little gift from your friendly banker. Life 68, 48–50 (1970) Google Scholar
  35. Penick, E.M.: Quoted in Worthen B&T offers debit card service. American Banker, p. 1 (12 September 1975) Google Scholar
  36. Pinch, T.J., Bijker, W.E.: The social construction of facts and artefacts: or how the sociology of science and the sociology of technology might benefit each other. Social Studies of Science 14(3), 399–441 (1984) CrossRefGoogle Scholar
  37. Pittsburgh NB will offer Entree card. American Banker, p. 6 (3 March 1976) Google Scholar
  38. Reed, J.: The case for own-your-own. Banking, p. 20+ (October 1972) Google Scholar
  39. Riday, J.W.: The checkless society. Banking 61(3), 49–50 (1968) Google Scholar
  40. Security Pacific, California, contracts for POS system for merchants. American Banker, p. 2 (7 October 1976) Google Scholar
  41. Stallwitz, J.F.: A market research study of the attitudes and reactions of member and non-member merchants to bank credit card plans. Masters thesis, University of California Berkeley (December 1968) Google Scholar
  42. Visa Debit Card Service: a Digest of Key Research Findings (March 1977). Produced by National BankAmericard Incorporated Google Scholar
  43. Visa Debit Card Services (1977). Brochure on the Visa debit card produced by Visa USA Google Scholar
  44. When we achieve a nationwide electronic funds transfer system. Banking, pp. 29–32 (May 1974) Google Scholar
  45. Zelizer, V.A.: The Social Meaning of Money: Pin Money, Paychecks, Poor Relief and Other Currencies. Basic Books, New York (1994) Google Scholar

Copyright information

© Springer-Verlag London Limited 2011

Authors and Affiliations

  1. 1.Seattle Pacific UniversitySeattleUSA

Personalised recommendations