The Evolution Of Payments Industry

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For the past 50 years, humanity has significantly accelerated due to the emergence of new technologies and discoveries. It took almost 10,000 years to invent paper money and only a few decades to make instant and invisible e-payments.

Not all of us know how many stages the humanity had to pass before being introduced to paper-free money and bank cards. That is why today we will tell you more about the evolution of payment methods, their changes, and the modern state of affairs. We are sure that the article will be extremely informative not only to those, who are interested in the monetary system but also to those, who like history and want to broaden the horizon.

Payment industry chronology

Here are the stages that our payment industry has gone through for the past thousands of years:

  • To 3000 BC. The barter approach is applied. People exchange their goods for other goods. The value of every good is predetermined;
  • 3000 BC. Barley becomes the token-money. The barter system is replaced by the commodity money;
  • 700 BC. The introduction of first coins, which have different value;
  • 17th Heavy coins become a threat and are changed into banknotes. However, they are still quite heavy;
  • London bankers introduce drawn notes, which we call cheques;
  • Visa launches the first credit card terminal. Even though new credit cards are emerging at a great speed and significantly evolve, Visa’s terminal remains the most popular processing machine;
  • 20th The Internet gives way to digital payments. Now users don’t need cheques or cash. The system is able to recognize a person and the value of the money;
  • 21st Digital payments have significantly improved. They include e-wallets, wire transfers, and cryptocurrencies. Nowadays, these payment options can be used in NZD casinos to withdraw the winnings, to make purchases on Amazon, or to book a cruise trip. However, cheques, credit cards, and cash are still popular and are widely used on a daily basis.

The modern days

With the invention of the Internet at the end of the 20th century, the requirements and demands of the payment industry have significantly increased.  That was the time when new payment companies emerge. Paypal, Stripe Square, and Braintree were the pioneers and set the tone to the whole generation of e-wallets and Internet payment systems.

In 1994, the world was introduced to Amazon, which remains the biggest online store with millions of items sold every day. In 1995 eBay was launched and day after day new companies, which accept online payments, emerge.

These companies have significantly changed the e-commerce industry: now transactions can easily be completed between a credit card and a website, and vise versa. Nowadays, electronic payment methods are forcing out cheques and cash, and billions of users worldwide stop using paper money in real life. Even when purchasing a coffee in the streets.

At the moment, users can choose from tens of e-wallets like Neteller and Paysafecard, credit/debit cards as Visa and Mastercard, and even multiple crypto coins like Bitcoin or Ethereum. The last, by the way, offers unprecedented security and anonymity. Users don’t need to provide any personal information and all transactions are safely encrypted.

The blend of cutting-edge technologies, top-notch software, and a desire to make users experience positive and convenient, gave birth to hundreds of wallets, accounts, and cards, which allow making Internet transactions in hundreds of countries and currencies across the world.

You no longer have to worry about losing a wallet or being robbed: choosing a reliable company that uses all the encryption protocols and the latest technologies ensures a secure and comfortable payment process.

What the future holds

The monetary industry has undergone significant changes: from the barter system to making instant transactions in a matter of few clicks. We can purchase literally anything by owning a debit/credit card or an e-wallet.

We are sure that the payment industry will continue to evolve, making the process quicker, more convenient, and safe. That is why there is no doubt that the industry will change. The only question is what technologies and industry standards will be used as a direction to move forward.

We can’t wait to witness all the changes and get access to the latest technologies and inventions! If you are also waiting impatiently for the new payment options and features to be introduced then don’t miss out on our further articles.