Payment Processing and its History

card processing must be cost-effective - Merchant Services infographic regarding Merchant Services

Local Terminal Card Processing for Kerry Merchants

In considering local terminal card processing the golden rule is card processing must be cost-effective. It must be non cumbersome for the consumer and the processor. Cost-effective payment processing is fascinating. Card payments transform the way we pay for things – money and credit are now more accessible than ever. The move to a cashless society is altogether accelerating in Ireland. We’ve come a long way from Bellamy's initial idea in the late 19th century to today’s sophisticated card payment technology. Firstly it will be important for the future is that card processing will be cost-effective for consumers. Secondly, solutions can be easily delivered by companies like Merchant Services Munster.  The full article is seen at Paymentsense which Merchant Services Munster is a sales agent.

How Payments card processing is  cost-effective - Its Chronology

1887: The Beginning

US author Edward Bellamy through his character Julian West  dreams about the concept of “credit” cards   Imagine That  

1914: “Metal money” Continuing  the card processing cost-effective  journey

Western Union gives some customers a metal card which provides deferred payment privileges for the purpose of allowing purchases to occur within the store

1950: Diner’s Club card launches

Diners Club release charge cards aimed at diners for use in participating restaurants and for specific individuals. The  demand  grows to 20,000 users in Year 1  

1963: American Express launches

In 1963, American Express begins in the UK  where holders of their cards are able to use them in 3,000 UK outlets and 83,000 international ones.

1966: The Year I was born and the creation of the First Credit Card

As a result of BankAmericard in the US earlier, Barclays card subsequently issue the first all-purpose credit card in June

1967:  First card machine introduced - The continuation of card cost-effective card processing

Barclays installs the world’s first cash machine in Enfield, Middlesex. John Shepherd-Barron created it  using a  4 digit PIN for the simple reason that it was easier to remember.

1972“Your Flexible Friend”

Barclaycard, NatWest, Midland, Lloyds, and RBS come together and launch the Access credit card. They use the The Access slogan  “Your Flexible Friend”,  but Mastercard take this over later.

1977:   The Consumer Credit Card Act and again card processing and cost-effectiveness

The Consumer Credit Card Act comes into force – a law to safeguard card payments. The Act introduces new protection for consumers and new regulation for bodies trading in consumer credit and related industries.

1987: First debit card

Stephen Roche wins the  1987  The Tour De France. In the same year the debit card is introduced in the UK – with a magnetic strip on the reverse and holograms as a  security feature. 

1993: MasterCard launches Maestro

In 1993,– half of UK and Irish adults were regularly using card machines.

1998: First internet banking service

On May 27th, the Nationwide Building Society launches the first internet banking service. Today,  all banks and building societies use offer this service.

1999: The Euro is born

The Euro comes into being and the currency is born virtually and in 2002 notes and coins began to circulate. 

 2003: Introduction of Chip and PIN

Chip and PIN is introduced. These debit and credit cards are embedded with microchips that store data on the card. Additionally, the design helps to improve card security for consumers. Furthermore, customers need only enter a four-digit PIN to a keypad and subsequently authorize a payment.

2007: Contactless payments launched

Barclaycard introduces Contactless credit cards and as a result, it makes it easier than ever for consumers to make small purchases. Subsequently one in every five card payments is contactless today.  

2013: Card payments soar and card processing  cost-effectiveness continues to improve

Credit card spending reaches a staggering £34bn in 2012. While some 23.2m transactions were made using card payments in December alone. Furthermore, in 2013, consumer electronics company Coin launches an augmented credit card that can store information from multiple credit cards and debit cards.

The present…

Several major tech companies are working on a card that can perform the function of an entire wallet. There’s is an incentive to convince consumers to completely ditch cash for plastic.

The future….

We will be making payments in a huge number of ways, including fingerprints and face recognition. Firstly, MasterCard plans to simplify the online shopping experience with a new feature.  Secondly, it is crucial that card processing must be cost-effective. Merchant Services Munster is able to offer these cost  efficiencies

 This is what we believe the future to entail 

  •         35% of people think we’ll use iris scanning
  •         32% of people think we’ll use voice command
  •         42% of people think we won’t use a purse or wallet
  •         51% of people think we’ll use fingerprint scanning
  •         46% of people think we’ll GPS tracking


We  support our payment processing providers  
for all payment online and face to face terminals payments  in Kerry and in Munster

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