You’ve Come A Long Way Payments
I joined the payments industry in 1987. It certainly has been an exciting ride, and never boring! Since that time the payments industry has undergone a dramatic transformation, driven by technological innovation and shifting consumer expectations. In the late 1980s, most non-cash transactions were conducted with checks, credit cards, or early debit cards. These paper-based or manually processed methods dominated until the 1990s, when the rise of the internet introduced new possibilities for electronic commerce.
In 1998 I joined CyberCash, the first encrypted gateway for internet business. As retailers began to accept payments online, their global reach grew by leaps and reduced their reliance on traditional brick-and-mortar channels. In 2002 I worked for a company with the sole mission globalizing our industry. I feel like I have been a hands-on contributor to the expansion of electronic payments.
Digital wallets and the secure storage of payment credentials locally came onto the scene in the early 2000s and streamlined mobile payments. By the 2010s, smartphones helped popularize contactless technologies like near-field communication (NFC), allowing for even faster tap-and-go convenience at the point of sale.
Today, the payments landscape remains energetic and innovative, incorporating cryptocurrencies, peer-to-peer apps, and biometric authentication methods that offered speed, security, and convenience unimaginable forty years ago. From early draft capture services to encrypted gateways, from pioneering digital wallets to the latest biometric solutions, each innovation reflects a commitment to improving the way people and businesses transact.
Yet through all these changes, one truth endures: successful strategies require more than just a spark of insight. They demand dedicated teams ready to execute and adapt. As someone who has been fortunate to see and shape several transformations first-hand, I’m excited for what comes next. We’ve come a long way since 1987, and if the past is any indication, the future of payments promises even more dynamic and groundbreaking advances.
