Evolution of Payment
Payment Methods have completely transformed over the last 100,000 years!
Starting off with bartering, it quickly moved on to the use of coins in 650 B.C. and the use of paper notes in 960 A.D. in China. In England in 1640 the first ever form of credit was given by goldsmiths, who would store merchants gold for a fee.
From the 1950′s and beyond, payment methods evolved rapidly with Diner Cards being used in 1950 and ‘Charge-It’ Cards being introduced in 1951. Then, MasterCard and American Express both released their version of the first true credit card in 1959 and ten years later the first Automated Telling Machine was opened in New York City.
1998 witnessed a ground-breaking milestone, the first e-commerce business, PayPal allowing payments and money transfers through the internet and just over ten years later the first mobile banking phone application went live.
The introduction of mobile banking and payments has completely transformed payment methods allowing people to operate their finances at the touch of a button from anywhere in the world.
This infographic examines the evolution of payment processing and how it has completely transformed from bartering for goods and services to payment processing at the touch of a button. Additionally, this info graphic also focuses on payment processing and highlights the benefits of this for both the merchant and the consumer. Finally, this info graphic gives some helpful tips for shopping online ensuring the consumer has a safe, pleasant experience when buying goods and services online.
