Paytech Timeline

Western Union launches wire transfer service

1872

Federal Reserve Banks in US begin to transfer money electronically

1915

Diners’ Club debuts as first independent credit company

1950

First Electronic Data Interchange messages sent

1956

Bank of America launches BankAmericard (later to become VISA)

1958

Interbank Card Association forms (and launches MasterCharge - later MasterCard) - created standards and rules, as well as a system to process payments

1966

IBM unveils magnetic stripe for card security

1970

Launch of electronic online authorization of credit card transactions

1973

American Airlines rolls out first credit card rewards program

1981

Canadian Payments Association launches Automated Clearing and Settlement System (ACSS)

1984

Interac formed for shared ATMs (then later, debit transactions)

1984

Birth of the World Wide Web

1989

First WWW server for commercial purposes

1991

Stanford Federal Credit Union offers first internet banking service in the US

1994

Pizza Hut accepts first internet online purchase

1994

Netscape releases the Secure Socket Layer (SSL) protocol

1995

First mobile payments are made through text message (Coca Cola, Merita Bank)

1997

Mobil introduces SpeedPass payments using RFID

1997

PayPal is founded

1998

Payments Canada launches Large Value Transfer System (LVTS)

1999

EMV Chip & PIN transition begins

2003

First Near Field Communication (NFC) tags and NFC-compatible phone (Nokia 6131)

2006

First iPhone launched

2007

Bitcoin created

2009

Google Wallet is launched

2011

Rogers/CIBC complete first mobile wallet transaction in Canada

2012

Apple releases ApplePay

2014

Payments Canada launches Modernization program

2015

Launch of ISO 20022 AFT Messages for use in Canada

2016