The Rise of Digital Payment Systems
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Fun Fact
Way back n 1997, we saw the first digital payment system, this was called “Ecash,” and it was introduced by David Chaum. This allowed users to make online
transactions. However it faced many hurdles in the form of errors but none the less, a revolution had started.
A timeline of digital payment systems
- 1994 - First online purchase is made
- 1997: First mobile payments and first contactless payments
- 1999: Paypal creates its electronic money transfer service
- 2003: Alibaba launches Alipay in China
- 2007: M-PESA creates a mobile
phones payments system which was the first of its kind
Digital payments explained along with some user some tips
What we see today
As smartphones began to become more prominent in peoples lives we saw the rise of these devices being used as the primary payment system for many people. The mobile payment has risen at a fast pace to overtake the other methods because of its convenience and security. Digital wallets allow users to store card information secretly on their smartphone which then allows them to make convenient payments with a simple tap of their device on the card reader.
Who ever thought that there would come a time in our lives where paying with a physical card would feel outdated. This method is even faster than taking out your wallet or purse to obtain your card as most of now have our phones at the ready, you can even leave your wallet or purse at home!
Do I think we should be worried?
With the digital world forever rising we have not only seen digital payments but also digital currency! The cryptocurrency phenomenon has captured the attention of many. It's volatility has left many users heartbroken, having been sucked in by flashy social media posts displaying luxurious lifestyles and spending. Are we soon going to sacrifice real currencies?
Will we one day look back and miss using our piggy banks to make savings? The conversations with sellers as we're making a purchase? On a personal level I have the fondest of memories going to the sweet shop with a few coins I had found under the couch, are the worlds children going to one day lose out on these experiences completely? To me it would be a great shame.
Way back n 1997, we saw the first digital payment system, this was called “Ecash,” and it was introduced by David Chaum. This allowed users to make online transactions. However it faced many hurdles in the form of errors but none the less, a revolution had started.
- 1994 - First online purchase is made
- 1997: First mobile payments and first contactless payments
- 1999: Paypal creates its electronic money transfer service
- 2003: Alibaba launches Alipay in China
- 2007: M-PESA creates a mobile phones payments system which was the first of its kind
Digital payments explained along with some user some tips
What we see today
As smartphones began to become more prominent in peoples lives we saw the rise of these devices being used as the primary payment system for many people. The mobile payment has risen at a fast pace to overtake the other methods because of its convenience and security. Digital wallets allow users to store card information secretly on their smartphone which then allows them to make convenient payments with a simple tap of their device on the card reader.
Who ever thought that there would come a time in our lives where paying with a physical card would feel outdated. This method is even faster than taking out your wallet or purse to obtain your card as most of now have our phones at the ready, you can even leave your wallet or purse at home!
Do I think we should be worried?
With the digital world forever rising we have not only seen digital payments but also digital currency! The cryptocurrency phenomenon has captured the attention of many. It's volatility has left many users heartbroken, having been sucked in by flashy social media posts displaying luxurious lifestyles and spending. Are we soon going to sacrifice real currencies?
Will we one day look back and miss using our piggy banks to make savings? The conversations with sellers as we're making a purchase? On a personal level I have the fondest of memories going to the sweet shop with a few coins I had found under the couch, are the worlds children going to one day lose out on these experiences completely? To me it would be a great shame.
Nice one lad I still have my piggy bank 😂
ReplyDeletehaha only way to go
DeleteI like this one good read
ReplyDeleteThanks lad
Delete