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How were the credit cards we use today, used so frequently that they can ignite a flame without friction, first discovered? The system goes back 5000 years!

According to 2023 data, it is used by 1.25 billion people worldwide and 117.7 million people in Turkey. The story of the credit card Have you ever wondered who came up with this bright idea?

If your answer is no, credit card From clay tablets to metal cards Let’s bring a touchless touch to the transition.

What is the story of the credit card? It is already present in our lives earlier than you think.

who invented the credit card

The term loan actually dates back to ancient Mesopotamia, at least 5,000 years ago. What was written on clay tablets at the time is also available to us. credit system It provides information about. The tablets, which contain records of transactions between neighboring merchants, contain examples of buy first, pay later agreements.

Thousands of years later, these old methods were replaced by merchants who distributed goods to farmers who had no money to buy materials. save cards turns around. Merchants minted coins or small pictures as proof of credit for this system. Farmers paid their debts to merchants as they harvested their crops.

The economic growth and change in consumption habits in the US in the mid-20th century, The birth of the credit card idea laid the foundation.

The first modern credit card: Diners Club

first credit card

“Who found the credit card?” The question is addressed to Frank McNamara. The first incarnation of the credit card idea was introduced in 1950 by Diners Club, led by Frank McNamara. Legend has it that during a business lunch, McNamara realized he had no cash on him and used that experience to come up with the idea to streamline payment methods. “How was the credit card found?” Did you think the answer to the question would be a real-life experience?

This idea marked the birth of Diners Club. The Diners Club card was originally designed as a payment method that could only be used in restaurants. Customers with a card paid for their meals with the card and the restaurant sent the bill to Diners Club. Dining club too for a small commission Payment was made directly to the restaurant’s account.

This application became popular in a short time and the number of card members increased in the first year. It exceeded 10 thousand.

The success of Diners Club encouraged other financial institutions to develop similar payment systems.

first American Express card

in 1958, American Express launched its own credit card and this recharge card is designed to be used for travel and entertainment expenses. These cards offered their users a certain credit limit, allowing them to pay in one bill at the end of the month. American Express was introduced in 1966 for business travelers. issued a company card.


Again in 1958 bank of Americathe predecessor of Visa Introduced BankAmericard. This move revolutionized the credit card industry and made credit cards popular. In 1966 it became available statewide. Bank Americard in 1976 changed its name to Visa and developed a system that makes credit card transactions easier and brings card usage to the international arena.

In the 1970s and 1980s, credit cards began to spread on a global scale. MasterCard (formerly known as Master Charge) and other credit card companies also emerged during this period.

There are many stages in the credit card development process.

old credit cards

Scoring systems that make credit cards even more attractive

Points systems on credit cards have become an innovation that offers consumers rewards based on their spending. These systems, which began to become popular in the late 1980s, accounted for every purchase made with users’ credit cards. points or miles made them win.

These points can then be used for airline tickets, hotel accommodations, discounts for restaurants or can be used for various rewards such as cash rebates. As you can imagine, the development of scoring systems has increased the use of credit cards by encouraging consumers to spend more money strengthened customer loyalty.

Of the votes cast by those who participated in the 2021 Credit Card Shopping Survey, 22 percent voted for a particular When choosing a credit card, he looked at rewards.

The expansion of the credit card industry has brought with it a number of regulations.

Since the 1970s, governments in the United States and around the world have passed various laws to protect consumers and ensure fair competition. Released in the US in 1974 Equal Credit Opportunity Act, It gave consumers the right to object to inaccurate or unfair billing.

Similarly adopted in 2009 Credit Card Accountability Responsibility and Disclosure (CARD) Act, required credit card companies to be more transparent about interest rates and fees. Such regulations were intended to make the use of credit cards safer and fairer.

Magnetic strip that increases the security and ease of use of your credit card

credit card magnetic stripe

Placed on the back of the card in the 1960s magnetic stripBy storing the cardholder’s details digitally, this information is automatically read with every transaction. This technology also helped speed up point-of-sale transactions and reduce error rates.

One of the latest major innovations is contactless cards

The contactless feature, which pioneered credit card technology in the early 2000s, Near Field Communication (NFC) technology This allowed the card to carry out transactions without physical contact with a payment terminal.

Consumers could pay quickly and easily by holding their contactless card close to the terminal. Contactless paymentshas become popular because it saves time and provides ease of use, especially for small volume transactions. This technology Hygiene concerns during the pandemic period This has made it more widespread and increased contactless payment limits in many countries.

How do credit cards work?

A purchase with a credit card is actually quite difficult a complex chain of financial transactions it activates. When a consumer purchases a product or service with their card, there is a rapid flow of information and money between the bank that issues the card, the network that provides the payment infrastructure and the merchant’s bank.

This process works by making a payment to the seller on behalf of the consumer and then collecting that payment from the consumer, rather than immediately debiting money from the consumer’s bank account. The system offers consumers a flexible payment It also allows merchants to receive payments securely.

The future of credit cards is determined by technological innovations and changing consumer expectations.

credit card future

Increasing digitalization and the rise of mobile technologies are leading to the emergence of new payment methods in the credit card industry. The coming years, biometric verification methods It appears that the use of more secure authentication technologies like this will increase. Fingerprint, face recognition and methods such as iris scanning will make credit card transactions more secure, reducing the risk of fraud.

Blockchain technology and rise of cryptocurrencies It has the potential to provide greater transparency and security in payment systems. These technologies have the potential to transform the credit card industry by offering alternative payment solutions outside of traditional banking systems.

Finally, artificial intelligence and machine learning, personalized payment experiences can adapt better to the shopping behavior of consumers. This allows further customization of customer loyalty programs and payment preferences.

Sources: Interbank Card Center, Time, Bankrate, Forbes

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