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The Evolution of Electronic Payments

The EVOLUTION of ELECTRONIC PAYMENTS 40% of small businesses now accept payments at the point of sale with a mobile card reader attached to a smartphone or tablet. 16% of small businesses have stated they plan to accept mobile payments by 2015. THE FIRST CONCEPT OF CREDIT CARDS COKING BACKWARD Edward Bellamy in his utopian novel Looking Backward 1887) described the concept of using a card for purchases. Edward Bellamy Bella used the term "credit card" eleven times this novel, although this referred to a card for spending a citizen's dividend rather than borrowing. --$$$---$4 ELECTRIC MONEY IS BORN 1918 Electric money was born when the Federal Reserve first moved currency via telegraph. THE FIRST BANK CARD CHARGEIT 1946) John Biggins, a banker from Brooklyn, New York, introduced the first bankcard, named "Charge-It". G017 425 077 GREDIT CARD IDC (DINERS CLUB INTERNATIONAL) IS CREATED The first independent credit card company, the 1950 IDC, issued the "Diners Club" which would be the world's first universal payment card. Diners Club INTERNATIONAL AMERICAN EXPRESS EMERGES American Express emerged into the credit card industry 1958 with its own product, a purple charge card for travel and entertainment expenses. A year later American Express introduced the first card made of plastic (previous cards were made of cardboard or celluloid). chnGmit ATM FIRST NETWORKED ATM The first networked ATM was pioneered in the US, in Dallas, 1968 Texas, by Donald Wetzel, who was a department head at an automated baggage-handling company called Docutel. AUTOMATED CLEARING HOUSE (ACH) IS DEVELOPED 1972) The ACH was developed to process large volumes of credit and debit transactions in batches. ACH credit transfers included direct deposit payroll and vendor payments. ELECTRONIC PAYMENTS ASSOCIATION SNACHA (NACHA) IS ESTABLISHED 1974 The Electronic Payments Association The Electronic Payments Association established uniform operating rules for the exchange of Automated Clearing House (ACH) payments among ACH associations. FIRST DEBIT CARD IS ISSUED 1978 SEAFIRST The First National Bank of Seattle issued the first debit ANK card to business executives with large savings accounts. FIRST CREDIT CARD TERMINAL IS INTRODUCED Visa improved upon the traditional manual imprint machines with the introduction of the "swiper", the first credit card terminal. 1979 ECOMMERCE IS BORN! Michael Aldrich Invented "online shopping" to enable online transaction processing between consumers and businesses, or between one business and another, a technique known later as ecommerce. FIRST B2B ELECTRONIC TRANSACTION ONLINE 1981) Thomson Holidays, a UK-based travel operator, submitted the first ever B2B electronic transaction using newly developed online technology. THE FIRST ONLINE PURCHASE IS MADE 1984 Mrs. Jane Snowball became the world's first recorded online shopper using a television and a controller to purchase groceries from Tesco. THE DISCOVER CARD IS INTRODUCED AT THE SUPER BOWL 1986) The Discover Card, originally part of the Sears Corporation, was introduced through the "Dawn of Discover" television commercial at Super Bowl XX. FIRST ELECTRONIC MERCHANT ACCOUNT SWREG. 5 Digital River Swreg created the first electronic merchant account 1987 to let software developers sell their software online. EMV IS INITIATED At the time, many banks recognized the benefits of chip-based payment 1994) but also realized that international standards for such payment were needed to help foster global interoperability. These EMV standards were created to fill that void. US NATIONAL SCIENCE FOUNDATION LIFTS RESTRICTIONS The US National Science Foundation lifted its former strict 1995 NSF prohibition of commercial enterprise on the Internet, which cleared the way for ecommerce to thrive. GOOGLE CHECKOUT IS LAUNCHED 1996) Google Checkout is an online payment processing service provided by Google aimed at simplifying the process of paying for online purchases. Google Checkout FIRST CONTACTLESS PAYMENT SYSTEM ExxonMobil's Speedpass is the first contactless payment system, which allowed consumers to wave the Speedpass to pay at the pump. Speedpass. 1997 Today's way to pay NFC BECOMES AN APPROVED ISO/IEC STANDARD 2003 Near Field Communication (NFC) is an electromagnetic wireless technology that was designed to enable communications between two devices. PAYMENT CARDS SECURITY STANDARDS PCi Security Standards Council COUNCIL IS ESTABLISHED 2006 The PCI Council formed a body of security standards known as the PCI DSS and these standards consist of requirements for businesses on payment card security. FIRST DIGITAL/ MOBILE WALLET 2007) M-PESA created the first mobile payments system m-PESA and introduced the technology to emerging markets. FIRST DIGITAL CURRENCY Bitcoin was the first digital currency designed around the idea of a 2009 new form of money that uses cryptography to control its creation and transactions, rather than relying on central authorities. STARBUCKS ACCEPTS MOBILE PAYMENTS NATIONWIDE Starbucks started to accept mobile payments as an opportunity 2011) to reach those who don't always carry cash and help build stronger relationships with customers. This led to many major retailers also adopting mobile payment technology. MOBILE PAYMENTS USAGE HITS 2012 $163.1 BILLION! Switch Pay" Accept payment anywhere. Accept life where it meets you. TM Sources: payment pof card-news/credit-cards-history- 1264.pho http://en crecit-card-swiper-terminals.htmi payments-at POS?rc jd=312 %24 %24

The Evolution of Electronic Payments

shared by axzm on Oct 02
This infographic visually represents the advancement of the electronic payment technology from the first conception of the "credit card" in a novel written in 1887 titled "Looking Backward", the first...




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