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The Evolution of Payment Methods

THE EVOLUTION OF PAΥΜΕNT ΜΕΤΗOS METHODS COIN 450 B.C Metal coins first used as a method CНECK of payment PAPER MONEY 1681 Check reportedly 1775 used for the first time Continental Currency was introduced with values ranging 1784 betwen 1/6 of a dollar to $80 The Bank of New York began issuing checks 1786 The US Dollar was authorised 1787 and issued First official cent of the United States, the Fugio Cent, was created 1792 The Coinage Act 1793 %24 was passed The Mint produced its first circulating coins 1862 The United States Note/ Legal 1863 Tender Note was made legal Gold certificates were issued and tender by government regulation used as paper money rather than exchanging blocks of gold 1878 Silver certificates were issued 1909 CO0 WE TRU 1¢ first minted CHARGE CARD LIBERIY 1909 1913 The current United States banknotes (Federal Reserve 1914 Notes) were first authorized The first charge card was 10 UNITED STATES OF AMERICA issued by Western Union 10 TEN DOLLARS 1938 5¢ first minted CREDIT CARD AMERICAN EXPRESS 1958 1958 American Express introduce Bank of America introduces a charge card a credit card (BankAmericard) 1965 10¢ & 25¢ first minted 1967 The world's first 1971 cash machine arrives 50¢ & $1 first minted DEBIT CARD INTERNET PAYMENT 1978 Seattle's First National Bank 1979 offers first debit card to Online shopping invented business executives 1983 1984 Basic home online banking Landmark introduced the introduced by Citibank, Chase first nationwide debit Manhattan, Chemical & card system Manufacturers Hanover 1989 The World Wide 1994 Web was invented First secure retail transaction on the Internet was carried out 1995 1995 Wells Fargo introduces account services to online banking site launched MOBILE PAYMENT CONTACTLESS 1997 1997 ****...... First SMS mobile Contactless payment on payment first a соcа cola used at Mobil Mobil vending machine SMARTPHONE Gas Stations PAΥΜENTS (Speedpass) 2003 NFC technology approved as industry standard 2006 Launch of 2007 PayPal Mobile Launch of the first PayPal Apple iPhone 2010 First Android phone to 2011 incorporate NFC technology Google Wallet Mobile App launched 2014 2015 Apple Pay launched pay Android Pay Pay is released SOURCES States_dollar#Current_coinage ChoiceLoans Specialists in Alternative Finance

The Evolution of Payment Methods

shared by KaizenSearch2 on Feb 24
We’ve taken a look at how payment methods have evolved dramatically over the years as we continue to move into a generation of Contactless & Apple Pay.


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