Payments of the Future
New Payment Service Providers Disrupting the Industry
Did you know that there have been major disruptive innovations in payments of recent? Have you also noticed a swift migration from traditional methods of payment to a cashless system?
If that’s a yes, then either of these can be attributed to the adoption of new technologies.
But how did it all begin?
Birth of FinTech and Advancement in Payments
Once upon a time, there was a cash-based system until the finance sector began to employ technology to enhance services and solutions which gave rise to the term, FinTech. One of the first noticeable implementations of FinTech is in the facilitation of wire transfers between businesses in different countries in the 1970s, which took away the need to rely on postal services.
While that was remarkable, Barclays, a British multinational investment bank took us by surprise with its launch of the world’s first ATM machine or cash machine in 1967. Then came Wells Fargo, an American multinational financial services company with the world’s first online…
