Money is the irreplaceable factor for a comfortable life. Every business or non-business sector cannot grow and even exist without financial support. But the money as the global sector also develops and reaches new goals itself. GBC Time has listed the top inventions in money technology of all time.
Money technologies like ATM machines or bank transfers are products of the long development and innovation implementation. In this article, you will find out everything about the first money technologies that changed the whole industry.
The Electronic Cash Register – 1906
Charles Franklin Kettering is considered to be a full-right creator of the first electronic cash register. This technology impacted the financial industry in a specifically positive way. It became easier to track the cash, amount of the bills, etc.
Kettering made a great impact to the technology industry worldwide in general. He created the first self-starter for automobile engines as well.
In 1906, he was hired at the National Cash Register Company, where he was the head of the technology development department. Among the main creations of this team is an electronic cash register in 1906.
Eventually, this technology led to modern financial prediction systems and tracking transaction data.
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Electronic money – 1918
The first-ever currency transportation through the telegraph was made in 1918 by Federal Reserve Banks. Later, a few bank organizations also provided electronic currency via the telegraph, but the widespread use of electronic currency started in 1972 after the US Federal Reserve set automated clearinghouse.
In Europe, electronic currency showed up around the same time.
Such a technology was a real breakthrough in banking and radically changed the approach to transactions.
The Credit Card – 1950
The first credit card was owned by the co-founder of the Diners’ Club – Frank McNamara. The history takes a place in 1950 when the businessman gave his card to 200 clients to use in 27 restaurants in New York City.
Later in 1958, the same idea was implemented by the American Express Company which launched its own version of the credit card.
In general, the whole concept of credit cards was born in the 1930-s in the US, when the oil companies and hotel launched their cards for clients to use in gas stations and restaurants.
Nowadays, credit cards are an irreplaceable thing in the pocket. So the global impact on the world is undoubtedly great, as we see today.
Find more about the first credit card in the world in the video at the link.
