Again with the maybe-betrayed-confidence-but-I-hardly-think-so routine. Michael Jennings tells me and whoever else he told, on Facebook, that he liked this Forbes piece, about how Digital Currencies And Credit Cards Have Subways To Thank For Their Existence.
Quote:
The following century …
… i.e. the twentieth century …
… saw an explosion in urban populations, and a requisite growth in the world’s railway network, but this was not accompanied by a substantial changes in the world of ticketing. Manually-operated entry gates to train stations had slowly become more common, but most public transport passengers continued to rely on bits of paper – or occasionally, metal tokens – to get around their city.
In 1950s London, this was starting to cause problems. The Tube network was bigger and busier than ever, which prompted operators to consider installing automated gates, like those in NYC. “We knew that this would help ease congestion, but it was complicated by the fact that London has always had fares based on distance,” Shashi Verma, Chief Technology Officer of Transport for London (TfL), told me, “Standard metal tokens weren’t an option.” So, the then-named London Transit Authority started looking at alternatives. The result, which was released to the world in 1964, was the printed magnetic stripe. The idea of using magnetism to store information had been around since the late 1800s, and magnetic tape was patented in 1928 by audio engineer Fritz Pfeulmer. But transport was its very first ‘real-world’ application. A full decade before the now-ubiquitous black/brown magnetic stripe was added to a single bank card, it was printed onto millions of tickets for the London Underground.
I miss Transport Blog. The old link to it no longer works, and it would appear that it is no more.