Page 89 - Pay Magazine s2014

volume 8 • fall 2015
Plastic and the Future: the evolution oF Payments’ Form Factors
Proprietary charge cards first appear, including paper cards issued in the 1920s by oil companies that bill customers in full for purchases each month or quarter.
Diners Club expands usage to other major cities in the U.S. and abroad.
The first general purpose credit cards appear when Bank of America establishes BankAmerica Service Corp. and franchises the BankAmericard
brand (later named Visa). At the same time, several banks establish the InterBank Card Association, later named MasterCard, creating a rival brand providing credit nationally.
The nationwide U.S. debit system emerges, built on credit card and ATM infrastructure.
Blockbuster Video develops a prepaid gift card in lieu of gift certificates, which goes on display nationally in 1995 and 1996. Other retailers follow.
Smartphone mobile payment app develop- ment begins. Mobile network operators form Isis (which later becomes Softcard).
Apple Pay launches; the development of wearable technology with payment features begins to accelerate.
early 1900s
1955
1966
1984
1994
2010
2014
1950
1958
1988
2000
2011
2015
Diners Club issues the first travel and en- tertainment charge cards in New York City.
American Express issues the first (cardboard) charge card for T&E purchases. A year later, American Express issues the first plastic T&E “Green Card.”
1978
The first debit card is issued to business owners by First National Bank of Seattle, providing a guarantee against a check.
The first PIN-debit providers are established; signature debit launches.
Smartphone adoption paves the way to mobile payments via browsers.
Google Wallet launches; Starbucks launches its mobile payments app nationwide after piloting at Target stores.
sources: Federal Reserve, MasterCard Worldwide
Google absorbs Softcard. The Apple Watch launches with payment capabilities; Samsung Pay, Android Pay and MCX’s CurrentC mobile payments services roll out or launch via pilots.
paybefore.com 87