Our ancestors were involved in transactions using the barter system, which involved trading with grains to the bloody animal, which they just hunted.
However, gratefully this lies in the past of our ancestors, and the technological revolution has succoured us to the present glorious day’s electronic payment methods – an inevitable element of our quotidian life.
The convenience associated with it lures customers to deploy this method simply because it is as easy-peasy as a one-time click.
The Genesis of the World Wide Web
The dawning of e-payment can be traced to the inception of the Internet era, which has engendered a phenomenal evolution across the globe. Because without the existence of a World Wide Web, the exuberant presence of online stores and e-services would not be a reality.
The history of the internet commenced in 1969 with the military network ARPANET. This was a communication network employed during the Vietnam war.
However, the moment of truth materialised in 1989 with Tim Berners-Lee making a breakthrough with easier access to information on the internet by deploying sites or pages.
The Dawning of E-Payment Systems
The year 1994 witnessed the establishment of the first financial institution called Stanford Federal Credit Union. This institution conferred on the client’s online internet banking services.
However, the challenge was this online payment system was not user-friendly and hence demanded profound knowledge about encryption or data transfer protocol.
A plethora of the first online service contributors employed micropayment systems. The unified approach by all of them was to actualise the electronic cash alternative like e-money, digital cash, or tokens.
The showstoppers in this arena at the inception were Millicent, ECash, and CyberCoin. Ultimately it was in 1994 Amazon was discovered, and Pizza Hut engenders a fad by accepting online food ordering.
The Eclipse of Payment Possibilities
The few processes entailed in the payment process of modern payment systems provide it a convenient interface with the customers employing it.
Since it is a website or an app-based, distinct software nor special equipment is required because you have the luxury of connecting to the internet from any device. Each year bears testimony to the escalation of the e-payments world that, in turn, augments e-commerce growth.
The Advent of Social Networks and Novel Technologies
The burgeoning popularity of social networks and online gaming is another phenomenal evolution. Facebook, which was launched in 2004, has an active user base of 155 billion every month.
It is the furthering of internet infrastructure that will usher the future of online payments in our quotidian life.