The Origins of the Cashless Society: Cash Dispensers, Direct to Account Payments and the Development of On-Line Real-Time Networks, C. 1965-1985
This article explores the technological choices made at the dawn of the massification of retail finance. We describe and analyze the early development of electronic banking and the foundations of the cashless society through the experiences of organizations with similar governance in two different competitive environments — Swedish and British savings banks. We document how the adoption of direct-