The making of post-millennium money
It’s no secret that with the new millennium, the evolution of technology entered a new level of ruthlessness. Computers and laptops experienced a rapid metamorphosis and phones just a few years old became embarrassing artefacts of a bygone age. But with this cutthroat approach to technological progression and its mass uptake, came an opportunity for payment methods to advance rapidly.
Contactless cards had barely arrived on the scene when big name brands, Google and Apple, set the stage for contactless technology to leave the credit card altogether and travel to the mobile phone.
Increasingly, innovative technology saw improvements not only to real time payments through mobile devices but also spawned cryptocurrencies that opened up a world of liberalised digital trading.
Had internet-enabled devices not evolved as fast in the last decade, it’s possible our payment methods would be far less advanced than they are today. To chart this rapid and recent history of payment technology, we take a look at the story of money after the millennium and how big name brands changed the way we pay.
If you’d like to see the first in this series on the history of money, take a look at part 1, The way we used to pay. You can also find out what’s in store for our money in part 3, What will the future of money look like?
If going cashless sounds appealing, you can check out our range of credit cards at MBNA, all of which feature contactless technology.