With the development of the Internet, online shopping and other types of e-commerce became popular, and thus payment methods in e-commerce have evolved. Where technology was a tremendous development in electronic payment methods and the processing of debit and credit cards; This led to the modern payment industry and payment systems that we know nowadays.
In this article, we will look at the history and development of electronic payment systems, focusing on how payment methods have evolved over time, advancing from electronic to digital.
First Electronic Payment System\
Western Union revolutionized payments in 1914 when shipping accounts that could be used at a variety of companies came to be linked to cards that customers could then use to purchase through credit cards. This was the first form of credit, known as the "credit card", an electronic payment system that emerged in the first half of the 20th century.
Electronic payment systems have evolved since the 1940s\
Due to the increased use of credit cards, Its limitations led to further innovation in the 1950s, which saw the emergence of credit cards. Diners Club introduced its first "general-purpose" shipping card in 1950, soon followed by similar cards from Card Blanche and American Express. These early innovators laid the groundwork for the coming credit card revolution through their pioneering use of credit cards.
Internet Payment Processing\
With the advent of the Internet, the development of payment systems in e-commerce has progressed even further. This era introduced e-commerce as a faster and more efficient form of off-card transactions, which had previously existed in the form of mail orders, phone orders, and other similar types of transactions. This followed rapidly verified electronic verification systems and licensed digital payments from a variety of channels. Soon after, mobile devices emerged as common payment methods; This allows customers to make mobile payments through a smartphone, such as Apple Pay and Google Pay.