The evolution of the payment industry dates back thousands of years. Whether it was the early days of bartering goods and livestock, or the introduction of precious metal coins and leather money, we’ve come a long way. As time marches on, we see a shift from paper currency such as checks and dollar bills to credit card payments. No longer is cash the true king.
What does the future hold? Mobile payments, self-service kiosks, or even biometrics? Could a scan of your eyeball be the way we purchase goods? As a reseller, it is important to take a look at where the payment industry came from and where it is headed.
The Now: EMV Chip Cards, Mobile Payments & More
While smaller businesses remain cash only, a majority are going cashless. The credit card has evolved from data being read and processed from the magstripe on the back to now containing an EMV chip used to authenticate transactions. The EMV technology allows the data to be stored both on integrated circuits as well as the stripe.