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What is Debit history..? Explain about it in few words..? | MUNIPALLI AKSHAY PAUL |

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The History of Debit: Evolution of a Financial Revolution Debit cards, an integral part of modern financial systems, represent a seamless blend of technology and banking. Their journey from rudimentary systems to sophisticated financial instruments is a reflection of society’s evolving economic needs and technological advancements. The history of debit can be traced back to the mid-20th century, and its development has significantly shaped how people interact with money. Early Beginnings: Paper-Based Transactions Before the advent of debit cards, cash and checks dominated financial transactions. In the mid-20th century, banks began exploring ways to simplify payment systems and reduce reliance on physical cash. The concept of a debit system emerged as an alternative to credit cards, offering direct access to funds in bank accounts without incurring debt. Unlike credit cards, which allowed users to borrow money, debit cards were designed to withdraw funds directly from their checking or...

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