For thousands of years now, like any other field, the field of payments has undergone a transformation. In the infographic below, you can see the developments in the field of payment.
8,000 years ago
People used valuable and rare things such as oysters, cattle, salt and coconut to exchange and supply their necessities.
Also read: Money History
3,500 years ago
People used metals such as gold and silver for their payments. These metals were not coins but pieces of ingots that were cut and weighed. Coins were then issued by governments.
1,000 years ago
Chinese merchants invented paper money, and it was not until the 13th century that Marco Polo, after traveling east, took the idea of printing paper money to Europe.
Large copper plates were used as money in Sweden because copper was easier to access than precious metals.
Paper money became popular in Europe.
The first generation of credit cards was issued for paperless payments.
Online banking in the US was introduced to certain customers.
Digital payments are becoming more and more important in our daily lives; Fast and non-physical payments with smartphones and wearable electronics have become an integral part of the lives of people around the world.
in the future
Digital solutions and technologies will play a significant role:
Biometric payments With the use of fingerprints, a person’s voice or face becomes more and more widespread.
Integrated trade Implemented on a digital platform, it combines all retail channels and brings the consumer a complete shopping experience.
Frictionless Shopping By connecting buyers and sellers, it helps the consumer to find his product with the best quality and the best price.
Blockchain Technology It can revolutionize global trade with smart contracts and digital currencies that eliminate the need for trust.