Cash and wealth plus the concept of ownership have continually been of top importance to mankind even long before we have become civilized. But, the function of cash and payment methods accelerated dramatically once we began settling in a single region which gave start to the early civilizations.
Payment form
The form of our payment transactions given that then has seen a few big changes through the years. In lots of ways, the payment form reflects the cutting-edge knowledge of our civilization. The earliest payment method was the technique of bartering, which was that of a simple exchange of products or services. but, it becomes faulty, inefficient, and took lots of time.
Advanced payment solution
Our payment method approach had notable differences as we as social human beings began residing in a more connected, settled, and organized manner. That’s why we moved from barter form of payment to that of a measurable payment form like that of silver, gold, and the then advanced payment solution which was cash. After some time, we have become higher at finding better payment instruments and stepped forward to the future and now have eco-friendly payment options. The shift from coins to paper to digital cash became the evidence of our becoming more advanced in many ways. If we look back, paper money that was backed by gold then later advanced into the fiat currency. The most enormous shift of our payment instruments is how things changed from the paper to digital and even virtual.
Digital cash
Then, there were credit cards in the 1980s of which had given the users the advantages of the immediate payment transactions for bills, obtaining a credit line, and ended the total dependence on banknotes, coins, and checkbooks. With the emergence of the net and the development of the worldwide web, e-commerce got to be dominant in the payment scene. There are payment system businesses like that provided by e-commerce sites that offered their own payment methods and those vintage e-wallets that became popular.
Online payment
The online payment industry started to grow exponentially through leveraging the power of electronic cash. The arrival of stronger internet connection and the common use of a cellphone gave birth to mobile payment apps. These advanced payment solutions are a financial advantage to merchants and consumers. There are those payment methods that are considered to be the pioneers of the modern mobile payment systems. Those payment methods had been based totally on sending an SMS and the payment transaction had to be made by using a mobile account that is compatible with the user’s device.
Mobile payments
The cellular payment systems that were based totally on SMS quickly evolved into the world’s first smartphone-based banking payment provider. As mobile technology developed, the payment system for mobile devices became better to the point that we can purchase things like tickets with the use of our mobile devices. In subsequent years, we also started out ordering pizza and arranging our travels by using our phones, and now it is capable of being an e-wallet.