The widespread use of contactless payments
The first contactless payment occurred in 1997, when ExxonMobil's Speedpass system allowed motorists to wave their Speedpass to pay at petrol pumps. It wasn't long after this introduction that contactless payments popped up in a more versatile format, with BPAY launching in the same year. This was the first time a payment system enabled payments to be made through a Financial Institution's online, mobile or telephone banking facility – and weren't we excited!
In 2004, tech companies Sony and Philips came together to create the Near Field Communication Forum, which was designed to promote and increase security around near-field payments. This promoted all kinds of wireless payments, such as 'smart-posters' and 'Google Checkout' in 2006. In 2007, contactless payments were ramped up even further with the introduction of PayWave, which allowed a near-seamless payment experience through holding credit card in front of PayWave-enabled terminals.
More guides on Finder
Bitcoin rockets to yearly high as PayPal announces cryptocurrency plans
Bitcoin has hit a new yearly high with PayPal adding fuel to its tank.
Money lessons from the coronavirus pandemic
As restrictions ease around Australia, finance expert Noel Whittaker goes through why you need a post-coronavirus plan for your money.
Podcast: Where do our charity donations actually go?
In this episode of Pocket Money, we discuss where our donations go, the responsibility of charities and what to look out for before you donate.
Cryptocurrency adoption: Lessons from Binance, Brave and privacy tech
Even now we can still look forward to a timeline of years on cryptocurrency mass adoption.
US coronavirus relief bill includes push for digital currency
This may be one of history's most ambitious welfare programs – made possible by digital currency.
8 highlights of Canada’s central bank digital currency plans
The Bank of Canada is looking at how CBDC can drive innovation in all financial services.
Bitcoin, Bitcoin Cash and the roadmap to replacing fiat
Is Satoshi's dream on the way out, or is it more vivid than ever before?
We've unpacked the most recently available data from the World Bank to get an idea of how much money is being sent around the globe.
Where Intercontinental Exchange can go with its US$30b eBay takeover offer
eBay has a long history of driving payment platform growth, and ICE is eyeing consumer payments.
Cryptocurrency: Commodified currency as a new category of consumer product
"Making money" means something else when you're in the business of literally manufacturing currency.
Ask an Expert