Sending money over the Internet sounds like a giant leap into 21st century technology wizardry?
Not really. It’s more of a small step into the 20th century. Although the use of online payments may be seen as a radical, new-fangled idea we need to consider this from an historical perspective:
- The World Wide Web has been with us for 25+ years. Sir Timothy John “Tim” Berners-Lee, OM, KBE, FRS, FREng, FRSA, DFBCS, a British engineer and computer scientist and MIT professor is credited with inventing the World Wide Web, making the first proposal for it in March 1989.
- Electronic commerce over the Web (including online payments) has been around for over 20 years, the most famous example being amazon.com which has been in business since 1994.
- Online auctions have been around for 20+ years, the most famous example being eBay which was founded in 1995.
- PayPal has been in business since 1998. As of 2014, PayPal operates in 203 markets and has 152 million active, registered accounts. PayPal allows customers to send, receive, and hold funds in 26 currencies worldwide.
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