History

Timeline of Major Events in Payment Processing

Posted by on May 31, 2014 in Blog, History, Payment Processing | 0 comments

Timeline of Major Events in Payment Processing

As we learned in payment processing, electronic money has a long and varied history. From Western Union’s advances in the late 1800’s to the release of the Google Wallet in 2011, the world has seen vast changes in the way that commerce is conducted on both a local and global scale.  With advances in mobile technology and the continued prevalence of the internet, there is no limit to where payment processing can go in the next 140 years.   Timeline of Major Events in Payment Processing 1871 – Western Union introduces money transfer 1914 – Western Union introduces first charge card 1918 – Federal reserve banks begin to move currency via telegraph 1939 – Concept of automatic teller machine created 1950 – Dinners club releases first plastic card limited to 27 restaurants in NYC 1958 – Bank of America realease the BankAmericard 1964 – IBM & American Airlines develop online reservation process 1968 – Modern ATM conceptualized 1973 – First ATM installed into the Chemical Bank in NYC 1979 – Michael Aldrich developed predecscorr to online shopping 1981 – Thomson Holidays, UK is first B2B online shopping 1982 – Minitel was introduced nationwide in France and used for online ordering. 1985 – Nissan UK sells cars and finance with credit checking online from dealers’ lots 1986 – Discover Card is unveiled at the Super Bowl 1989 – Visa adds electronic signature capability 1990 – Tim Berners-Lee writes the first web browser, WorldWideWeb, using a NeXT computer. 1994 – Netscape is released promoting online ordering and the needed for SSL encryption 1995 – Amazon.com launched by Jeff Bezos 1998 – PayPal and the idea of the eWallet developed 2000 – Dot.com bust 2002 – eBay acquires PayPal for $1.5 billion 2004 – Antitrust court ruling against Visa and MasterCard initiated 2006 – The Payment Card Industry Security Standards Council is formed 2008 – Groupon redefines how customers shop for discounts 2010 – Durbin Amendment introduced; aimed to reform credit / debit card fees 2011 – Google releases Google Wallet   If we have missed any major milestones you feel should be added, please let us know by leaving it in the comments section below…...

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