Lord777
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Money is primarily a medium of exchange. People were always looking for ways to simplify the process of exchanging money, to make it faster, because the efficiency of trade and the development of society directly depended on it. Today, the field of money transfers is experiencing a rapid flourishing — this is facilitated by the ubiquity of the Internet, thanks to which the distance between people is becoming more and more conditional.
Telegraph and the first quick transfers
Western Union traces its history back to the 19th century. Founded in the middle of the century, the Mississippi telegraph company was destined to make a real revolution in the field of money transfers. At that time, transactions were carried out by banks, loan sharks and postal services. Thanks to the telegraph, the process of delivering money items was simplified and became much faster — the recipient's data and the transfer amount were sent by telegraph, and there was no need to wait for the receipt of accounting documents by mail. The service, first launched in 1871, proved to be extremely popular: over the next 5 years, Western Union made 37,190 transactions.
Prepaid cards and credit cards
The idea of issuing the first prepaid cards also belongs to Western Union: in 1921, the company began to issue such cards to its regular customers. The experience was successful and soon the idea was picked up by other American companies, maps became fashionable, and they were produced by network trading organizations — gas stations, restaurants, and shops.
The first credit card was issued in 1950 by the Diner's Club restaurant chain in New York, and 8 years later two American banks began issuing credit cards at once. These were Bank of America and American Express, whose new financial products caused a real boom in consumer lending in the market. The scheme of working with credit cards looked like this: the bank issued a card and charged its owner a fee for annual maintenance, after which it issued a monthly invoice for all purchases that were made using this card.
Visa and MasterCard issued their first cards in 1966. Visa originally appeared as a franchise division of Bank of America, which dealt in cards. MasterCard was the brainchild of the Interbank Card Association, which included the world's largest banks. The aim of the association was to create an open system for the smooth passage of money transfers between banks.
Internet — faster, easier, and cheaper
As the Internet expanded to cover an increasing number of territories around the globe, monetary transactions began to flow into this space without borders. The first bank to offer online transfers to its customers in 1994 was Stanford Federal Credit Union. Online banking services of those years were not much like modern online transfers: they were carried out not by the sender himself, but by the bank's operator, and the program interface could not be called friendly in any way.
In August of the same year, another historic event occurred — the first purchase was made via the Internet. Opinions differ about the object of purchase — some claim that it was a large pepperoni pizza from Pizza Hut, while others believe that the first online purchase was a CD with Sting's album. One way or another, the process was launched, and from that moment on, the field of online transfers began to develop at a furious pace.
In 1995, Millicent and eCash were launched — electronic micropayment services that positioned themselves as an alternative to cash and offered fast transfer of value over any distance. eCash was a trademark of DigiCash, which was founded in the 80s by the legendary cryptographer David Chaum.
In 1999, PayPal money transfer services, the brainchild of programmer Max Levchin and financier Peter Thiel, began operating, and X.com created by entrepreneur Elon Musk. In 2000, the companies merged under the PayPal brand, which in 2002 conducted an IPO and was sold to eBay for $ 1.5 billion. It is thanks to eBay that the popularity of PayPal has grown to a global scale — 70% of all purchases on eBay were made through PayPal.
The Way of the Celestial Empire
As in many other areas, China has moved forward in its own way in the field of online transfers. At the same time, when PayPal began to develop in the West, a retailer Alibaba appeared in the Middle Kingdom with its own payment system Alipay. Payments via Alipay had an innovative design: before the buyer confirmed that they had received goods of the appropriate quality, the money was frozen in the platform's account and only then transferred to the seller.
The Alipay scheme turned out to be very successful, and over time, not only Alibaba customers began to use it. In 2009, AliPay already had 200 million registered users, and in 2013, the service overtook PayPal in the number of mobile payments. Today, payments are made through AliPay not only through such huge platforms as Tmall and Taobao, but also through 460,000 other Chinese companies from online and offline spheres. AliPay customers can not only pay for purchases using the service, but also pay for mobile communications, utility bills, and public transport.
In recent years, Ali has developed a competitor-the Wallet app from the mega-popular Chinese social network WeChat. Wallet was launched in August 2013, and it was possible to make payments using any payment cards issued in China. In 2017, WeChat reported that the number of active users of its mobile payments reached 600 million, which is a significant increase in the number of users in the world. This figure is 150 million higher than that of AliPay. However, as for the total volume of transactions in the Chinese market, AliPay remains the leader here. Its share is 54%, while WeChat occupies 37% of the market.
The Mortgage Bubble and Satoshi's Creation
In 2007, the United States is experiencing one of the most powerful historical crises, in fact, the collapse of the banking system that was established at that time with mortgage loans that were issued to everyone, thanks to which the credit bubble inflated more and more and finally burst. In September 2008, one of the largest American banks, Lehman Brothers, declared bankruptcy, which shocked the world community.
It is because of dissatisfaction with the current situation in the financial world that the phenomenon of cryptocurrency was born. On October 31, 2008, someone named Satoshi Nakamoto, whose identity has not yet been identified, published a description of Bitcoin, a cryptographic financial network that transferred power over finances to their owners. The design of Bitcoin completely removed intermediaries from the circulation of money, since transactions in this network were made directly between people, and the guarantor was not a bank, but a triad of mathematics, miners, and blockchain.
On January 3, 2009, the genesis block of Bitcoin was generated, the first block with 50 coins of the network. The genesis block hash record contains a fragment of a line from The Times article, which was not chosen by chance: the article was about the fact that the Finance Minister of England was forced to consider new measures to save banks in the context of the economic crisis.
Indeed, the crisis proved that the world needed an entirely new approach to money, because the money printing press apparently failed to live up to its expectations. This is exactly the approach suggested by Satoshi in the concept of Bitcoin.
In 2010, another historic event occurred: bitcoins were used to purchase something tangible for the first time, and once again the historical artifact turned out to be pizza. Laszlo Hanesh, a programmer from Florida, sent 10,000 bitcoins to an Englishman in exchange for ordering him two pizzas for $ 25. To date, the cost of these two pizzas is $ 70.4 million.…
Contactless payment from Apple and Google
Contactless NFC solutions for smartphones have become the main payment trend of the second decade of the XXI century. The first such solution was proposed by Apple — in the 2014 models of the iPhone 6 and Apple Watch line, an NFC chip was built in, with which it was possible to pay through the cash register with a bank card loaded into the user's apple device. Transactions were made through the Apple Pay payment gateway.
Apple's main competitor, Google, could not stay away and next year launched its own payment system Android Pay, which in 2018 was renamed Google Pay. It functioned similarly on devices equipped with an NFC chip and the Android system.
During 2018-19, Apple Pay made 10 billion payments, and as for forecasts, Morgan Stanley analysts believe that by 2022, $190 billion worth of transactions will be made through Apple Pay, and in 2027 this figure will reach $304 billion. For comparison, the same analysts predict that $431 billion will be spent through PayPal by 2022, and $579 billion by 2027.
Social networks offer their own payment solutions
The absolute success of Apple and Google's money projects in the West and Alibaba and WeChat in China has shown that the main secret to a successful launch of a payment solution is to have a large user base that enthusiastically accepts everything new that comes from the company to which they are loyal. Solutions from the main characters of today, social networks, should have appeared, and in fact would have already been launched, if not for certain difficulties that they had to face.
We are talking about the blockchain projects of the Telegram messenger and the Facebook social network. In 2018, Telegram announced that it plans to create a decentralized TON network, which will deploy a financial system based on an internal coin. The scale of the potential impact of the new system on the public is huge, as the number of Telegram users as of March 2020 is more than 600 million users. (The figure is unofficial, given from the calculation that according to the statement of the creator of Telegram Pavel Durov, about 600 thousand people register in the messenger every day, and at the end of March 2018, 200 million users were registered in Telegram).
Most likely, it is the scale of the project that does not allow it to start now, when TON is already fully ready for this. American regulators do not give the go-ahead for the launch of the blockchain network, and when this will happen is unknown. One thing is clear: never before has the traditional financial system been so close to becoming secondary, as social networks with their own progressive payments will lead a huge number of users to their side.
A similar situation can be traced with the Libra project from Facebook. The world-famous social network is also going to launch its own cryptocurrency, also pegged to the dollar, i.e. stable. According to the authors ' idea, Facebook's stablecoin should give a chance for financial prosperity to many areas of the planet that today do not have access to the banking network and the global market. In order to become a part of the Libra financial system, you only need to have a smartphone connected to the Internet. Once again, regulators openly oppose the launch of the project, this time explicitly stating that it is dangerous for traditional finance.
The future is here
We live in an amazing time. If earlier it took centuries for humanity to move from one stage of development to another, today every year of technology development is equal to decades of previous eras. The Internet is blurring more and more boundaries, mental and physical, and new fundraising mechanisms through online crowdfunding allow the most fantastic ideas to develop.
Payment systems are developing, and traditional institutions have to meet the requirements of the new age, and now the world's largest banks are studying and implementing blockchain technologies in their work, trying to optimize their services in order to continue to be needed by people who have more and more alternatives. Cryptocurrencies don't need to completely replace old money, and without it, they have a very invigorating effect on the world of traditional finance, forcing them to be better at retaining their customers.
(c) https://hub.forklog.com/kak-razvivalis-platezhnye-tehnologii-ot-telegrafa-do-kriptovalyut/
Telegraph and the first quick transfers
Western Union traces its history back to the 19th century. Founded in the middle of the century, the Mississippi telegraph company was destined to make a real revolution in the field of money transfers. At that time, transactions were carried out by banks, loan sharks and postal services. Thanks to the telegraph, the process of delivering money items was simplified and became much faster — the recipient's data and the transfer amount were sent by telegraph, and there was no need to wait for the receipt of accounting documents by mail. The service, first launched in 1871, proved to be extremely popular: over the next 5 years, Western Union made 37,190 transactions.
Prepaid cards and credit cards
The idea of issuing the first prepaid cards also belongs to Western Union: in 1921, the company began to issue such cards to its regular customers. The experience was successful and soon the idea was picked up by other American companies, maps became fashionable, and they were produced by network trading organizations — gas stations, restaurants, and shops.
The first credit card was issued in 1950 by the Diner's Club restaurant chain in New York, and 8 years later two American banks began issuing credit cards at once. These were Bank of America and American Express, whose new financial products caused a real boom in consumer lending in the market. The scheme of working with credit cards looked like this: the bank issued a card and charged its owner a fee for annual maintenance, after which it issued a monthly invoice for all purchases that were made using this card.
Visa and MasterCard issued their first cards in 1966. Visa originally appeared as a franchise division of Bank of America, which dealt in cards. MasterCard was the brainchild of the Interbank Card Association, which included the world's largest banks. The aim of the association was to create an open system for the smooth passage of money transfers between banks.
Internet — faster, easier, and cheaper
As the Internet expanded to cover an increasing number of territories around the globe, monetary transactions began to flow into this space without borders. The first bank to offer online transfers to its customers in 1994 was Stanford Federal Credit Union. Online banking services of those years were not much like modern online transfers: they were carried out not by the sender himself, but by the bank's operator, and the program interface could not be called friendly in any way.
In August of the same year, another historic event occurred — the first purchase was made via the Internet. Opinions differ about the object of purchase — some claim that it was a large pepperoni pizza from Pizza Hut, while others believe that the first online purchase was a CD with Sting's album. One way or another, the process was launched, and from that moment on, the field of online transfers began to develop at a furious pace.
In 1995, Millicent and eCash were launched — electronic micropayment services that positioned themselves as an alternative to cash and offered fast transfer of value over any distance. eCash was a trademark of DigiCash, which was founded in the 80s by the legendary cryptographer David Chaum.
In 1999, PayPal money transfer services, the brainchild of programmer Max Levchin and financier Peter Thiel, began operating, and X.com created by entrepreneur Elon Musk. In 2000, the companies merged under the PayPal brand, which in 2002 conducted an IPO and was sold to eBay for $ 1.5 billion. It is thanks to eBay that the popularity of PayPal has grown to a global scale — 70% of all purchases on eBay were made through PayPal.
The Way of the Celestial Empire
As in many other areas, China has moved forward in its own way in the field of online transfers. At the same time, when PayPal began to develop in the West, a retailer Alibaba appeared in the Middle Kingdom with its own payment system Alipay. Payments via Alipay had an innovative design: before the buyer confirmed that they had received goods of the appropriate quality, the money was frozen in the platform's account and only then transferred to the seller.
The Alipay scheme turned out to be very successful, and over time, not only Alibaba customers began to use it. In 2009, AliPay already had 200 million registered users, and in 2013, the service overtook PayPal in the number of mobile payments. Today, payments are made through AliPay not only through such huge platforms as Tmall and Taobao, but also through 460,000 other Chinese companies from online and offline spheres. AliPay customers can not only pay for purchases using the service, but also pay for mobile communications, utility bills, and public transport.
In recent years, Ali has developed a competitor-the Wallet app from the mega-popular Chinese social network WeChat. Wallet was launched in August 2013, and it was possible to make payments using any payment cards issued in China. In 2017, WeChat reported that the number of active users of its mobile payments reached 600 million, which is a significant increase in the number of users in the world. This figure is 150 million higher than that of AliPay. However, as for the total volume of transactions in the Chinese market, AliPay remains the leader here. Its share is 54%, while WeChat occupies 37% of the market.
The Mortgage Bubble and Satoshi's Creation
In 2007, the United States is experiencing one of the most powerful historical crises, in fact, the collapse of the banking system that was established at that time with mortgage loans that were issued to everyone, thanks to which the credit bubble inflated more and more and finally burst. In September 2008, one of the largest American banks, Lehman Brothers, declared bankruptcy, which shocked the world community.
It is because of dissatisfaction with the current situation in the financial world that the phenomenon of cryptocurrency was born. On October 31, 2008, someone named Satoshi Nakamoto, whose identity has not yet been identified, published a description of Bitcoin, a cryptographic financial network that transferred power over finances to their owners. The design of Bitcoin completely removed intermediaries from the circulation of money, since transactions in this network were made directly between people, and the guarantor was not a bank, but a triad of mathematics, miners, and blockchain.
On January 3, 2009, the genesis block of Bitcoin was generated, the first block with 50 coins of the network. The genesis block hash record contains a fragment of a line from The Times article, which was not chosen by chance: the article was about the fact that the Finance Minister of England was forced to consider new measures to save banks in the context of the economic crisis.
Indeed, the crisis proved that the world needed an entirely new approach to money, because the money printing press apparently failed to live up to its expectations. This is exactly the approach suggested by Satoshi in the concept of Bitcoin.
In 2010, another historic event occurred: bitcoins were used to purchase something tangible for the first time, and once again the historical artifact turned out to be pizza. Laszlo Hanesh, a programmer from Florida, sent 10,000 bitcoins to an Englishman in exchange for ordering him two pizzas for $ 25. To date, the cost of these two pizzas is $ 70.4 million.…
Contactless payment from Apple and Google
Contactless NFC solutions for smartphones have become the main payment trend of the second decade of the XXI century. The first such solution was proposed by Apple — in the 2014 models of the iPhone 6 and Apple Watch line, an NFC chip was built in, with which it was possible to pay through the cash register with a bank card loaded into the user's apple device. Transactions were made through the Apple Pay payment gateway.
Apple's main competitor, Google, could not stay away and next year launched its own payment system Android Pay, which in 2018 was renamed Google Pay. It functioned similarly on devices equipped with an NFC chip and the Android system.
During 2018-19, Apple Pay made 10 billion payments, and as for forecasts, Morgan Stanley analysts believe that by 2022, $190 billion worth of transactions will be made through Apple Pay, and in 2027 this figure will reach $304 billion. For comparison, the same analysts predict that $431 billion will be spent through PayPal by 2022, and $579 billion by 2027.
Social networks offer their own payment solutions
The absolute success of Apple and Google's money projects in the West and Alibaba and WeChat in China has shown that the main secret to a successful launch of a payment solution is to have a large user base that enthusiastically accepts everything new that comes from the company to which they are loyal. Solutions from the main characters of today, social networks, should have appeared, and in fact would have already been launched, if not for certain difficulties that they had to face.
We are talking about the blockchain projects of the Telegram messenger and the Facebook social network. In 2018, Telegram announced that it plans to create a decentralized TON network, which will deploy a financial system based on an internal coin. The scale of the potential impact of the new system on the public is huge, as the number of Telegram users as of March 2020 is more than 600 million users. (The figure is unofficial, given from the calculation that according to the statement of the creator of Telegram Pavel Durov, about 600 thousand people register in the messenger every day, and at the end of March 2018, 200 million users were registered in Telegram).
Most likely, it is the scale of the project that does not allow it to start now, when TON is already fully ready for this. American regulators do not give the go-ahead for the launch of the blockchain network, and when this will happen is unknown. One thing is clear: never before has the traditional financial system been so close to becoming secondary, as social networks with their own progressive payments will lead a huge number of users to their side.
A similar situation can be traced with the Libra project from Facebook. The world-famous social network is also going to launch its own cryptocurrency, also pegged to the dollar, i.e. stable. According to the authors ' idea, Facebook's stablecoin should give a chance for financial prosperity to many areas of the planet that today do not have access to the banking network and the global market. In order to become a part of the Libra financial system, you only need to have a smartphone connected to the Internet. Once again, regulators openly oppose the launch of the project, this time explicitly stating that it is dangerous for traditional finance.
The future is here
We live in an amazing time. If earlier it took centuries for humanity to move from one stage of development to another, today every year of technology development is equal to decades of previous eras. The Internet is blurring more and more boundaries, mental and physical, and new fundraising mechanisms through online crowdfunding allow the most fantastic ideas to develop.
Payment systems are developing, and traditional institutions have to meet the requirements of the new age, and now the world's largest banks are studying and implementing blockchain technologies in their work, trying to optimize their services in order to continue to be needed by people who have more and more alternatives. Cryptocurrencies don't need to completely replace old money, and without it, they have a very invigorating effect on the world of traditional finance, forcing them to be better at retaining their customers.
(c) https://hub.forklog.com/kak-razvivalis-platezhnye-tehnologii-ot-telegrafa-do-kriptovalyut/
