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Table of Contents

Lead Story

Translating tech for profit


Industry Update

UBC hopes to cash in with free program

Canadians' call for regulation rejected

Fire shuts down processor


GS Advisory Board:
Vertical market virtues - Part II

Allied vendors speak

History of payments technology

Selling Prepaid

Prepaid in brief

Incentive card usage reflects difficult economy

End-to-end payroll

Gift card legal perils - Part II


The cards, they are a changin'

Patti Murphy
The Takoma Group

Mobile payments in the mainstream

Tim McWeeney
WAY Systems Inc.

Dude's got my money: What can I do?

Theodore F. Monroe
Attorney at Law


Street SmartsSM:
Unexamined emotion, a pit bull that mangles business

Jon Perry and Vanessa Lang

Understanding chargeback rules

Ken Musante
Moneris Solutions

Seven rules of 'celling'

Dale S. Laszig
DSL Direct LLC

Moving the needle on level 4 merchants

Joan Herbig

Use technology to tighten relationships, expand revenue

Shan Ethridge
TASQ Technology Inc.

Company Profile


New Products

Self-assessment assistance

Network Merchants Inc.

Pocket-sized terminal

Way Systems Inc.


Time for a change?



Resource Guide


A Bigger Thing

The Green Sheet Online Edition

July 27, 2009  •  Issue 09:07:02

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History of payments technology

The long and event-filled history of the payments industry parallels key advancements in technology. In fact, the two are inextricably linked, like NASA and microwave ovens. Here are a number of the highlights.

1951 - The first credit card (Diner's Club) is rolled out.

1958 - Bank of America launches the BankAmericard in Fresno, Calif.

1959 - American Express Co. introduces plastic cards; previously cards were made of celluloid or cardboard.

1966 - Fourteen U.S. banks form the first bankcard processing association to exchange information on credit card transactions.

1967 - Four California banks form an association called Master Charge (which was renamed MasterCard in 1979) to compete with BankAmericard (which became Visa in 1977).

1968 - The automated chip card is invented in Germany.

1970 - The magnetic stripe becomes a feature on credit cards following the London Transit Authority's installation of a magnetic stripsystem in the London Underground in the 1960s.

1973 - IBM introduces computers that can control POS devices.

1974 - Smart cards are patented in France.

1976 - Debit cards are introduced in Europe.

1992 -, the first online bookstore, is created - two years before the beginning of - setting the stage for online commerce.

1992 - Microchips are embedded into all French debit cards, leading the way to the widespread adoption of smart cards.

1995 - Europay, MasterCard and Visa (EMV) co-develops industry-wide chip card specifications to ensure that all chip cards will operate with all chip-reading terminals.

1998 - Mobile payments are tested in Finland when two vending machines are enabled to work with short message service payments.

2003 - A chip and PIN card trial is completed in Northampton, England, and the technology is rolled out nationwide in the United Kingdom the following year.

2004 - The chip and PIN card is rolled out in Europe, where it's now universal.

2004 - Digital check scanning is introduced in the United States.

2007 - The PCI Security Standards Council adopts the Payment Application Data Security Standard based on Visa Inc.'s Payment Application Best Practices.

2008 - The PCI SSC sets a series of deadlines for payment card security technology compliance, including a Sept., 30, 2010, deadline for level 1 and level 2 merchants, who after that date cannot retain consumer card data, such as PINs.

2009 - The Secure POS Vendor Alliance is formed by payments industry executives to help foster the proper adoption and use of payment data security technology.

- Mobilizing for the next wave of U.S. payment innovation, by James McCauley
(Principal Consultant, Capco), Rahul Kapur (Managing Principal, Capco)
and Suresh Gupta (Partner, Capco)
- Wikipedia
- The New York Times
- the PCI Security Standards Council
- United Bank Card Inc.
- SC Magazine
- First Data Corp.

Notice to readers: These are archived articles. Contact names or information may be out of date. We regret any inconvenience.

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Spotlight Innovators:

North American Bancard | USAePay | Board Studios