Digital Payments: The Evolution of Currency
Over the last decade, the digital payments landscape has undergone a structural shift.
Consumer behaviors are changing — moving towards contactless and cashless transactions. Meanwhile, as the magnitude of COVID-19 grows, these trends have only accelerated.
Today’s infographic navigates the digital payments ecosystem, exploring its history and innovative technologies, and how it continues to grow as a solution of choice for trillions of dollars of transactions each year.
Digital Payments Timeline
The origins of digital payments began over 25 years ago with then 21 year-old entrepreneur Dan Kohn in Nashua, New Hampshire, who sold a CD over the internet via credit card payment.
- 1994: First online purchase is made
A CD of Sting’s Ten Summoner’s Tales is sold for $12.48 on NetMarket. - 1997: First mobile payments and first contactless payments
Coca-Cola installs two vending machines in Helsinki that accept payment by text message. - 1999: Paypal launches electronic money transfer service
Early on, PayPal’s user base grew nearly 10% daily. Tesla CEO Elon Musk and venture capitalist Peter Thiel were among its co-founders. - 2003: Alibaba launches Alipay in China
Today, the mobile payment platform has witnessed stunning growth — leveraging digital wallets accepted by merchants in over 50 countries and regions. - 2007: M-PESA creates the first payments system for mobile phones
Kenya-based M-PESA launched its mobile banking and microfinancing service. Today, it has over 37 million active users on its platform across Africa. - 2009: Bitcoin enables secure, untraceable payments
Satoshi Nakamoto develops the first decentralized payment network in the world. - 2013: WeChat Pay is rolled into the popular messaging platform
By 2018, it surpasses 800 million monthly active users. - 2014: Apple Pay launches
By 2023, over $2 trillion of mobile payment transactions could be authenticated by biometric technology.
As technological advances continue to unfold, advances in digital payment technologies are creating ripple effects globally.
Source: Dorothy Neufeld | Visual Capitalist
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