A
Q U I C K
G L A N C E
I N T O
FINTECH
FinTech has changed the way we go
about our daily lives. Here's a quick
look at some interesting facts
1860
Surprise! The FinTech revolution begins!
Giovanni Casseli invents the
pantelegraph - a device that verifies
signatures in banking transactions by
sending and receiving transmissions via
telegraph cables.
1880
Using charge plates and charge coins
for credit by consumers and
merchants for exchanging goods and
services for credit. This lasted until the
early 1960s.
1918-1970
The invention of Fedwire.
This Morse code-based system was
used as a real-time gross settlement
funds transfer system until the 1970s.
1919
Economist John Maynard Keynes
writes "The Economic Consequences
of the Peace" - the first alludes
financial technology and future
financial services.
1950
1966
The Telex network replaces the
telegraph thus opening the doors for
global communication of financial
transactions.
Diner's Club introduces first iteration of
a credit card. It was followed by
American Express in 1958.
1967
Barclays Bank installed its 1st ATM at
its Enfield Town branch in North
London. Users inserted specially
marked paper cheques issued by a teller
or cashier.
1982-1983
Evolution of E-trade and online
banking.
2009
Bitcoin was released.
2011
Google Pay Send was developed to
allow smartphone users with NFC (NearField Communication) chips to make tap
payments.
2017
Alibaba introduces Smile Pay Service
where one pays by smiling at a 3D
camera.
sources