How The Financial Services Industry Has Changed Over The Last Decades

BY: ON WEDNESDAY, MAY 30, 2018

Money has evolved over the centuries playing a role in bestowing power upon its holder. In modern terms, it is described with regards to its purchasing power but in the past, it meant that dynasties and kingdoms could buy loyalty and thus were able to strengthen their armies, cause, and philosophies. In the past, there was the barter trade where acquiring goods and services involved exchanging one commodity for another. After it was phased out, it led to the invention of book keeping. Nowadays, it has even made money transfer a reality.

How It Used To Be

The first known currency was minted in 600BC courtesy of the kingdom of Lydia, now modern-day Turkey, by King Alyattes whereby the coin featured a roaring lion. Before this, the Chinese dynasties minted bronze sculptures of the commodities that they were trading before they flirted with the idea of paper currency as documented by Marco Polo in his adventurous trade travels. He pitched the idea to Europeans but they instead opted for the gold coin called Florin which was minted in Florence, Italy and it encouraged international trade. It wasn't until 1661 when Sweden printed the first banknotes. Paper money revolutionized trade, and there was to be a key moment in history when in 1946 John Biggins invented the Charg-it card, which has become known as the credit card. In 1999 most European banks started offering mobile banking using primitive smartphones that could access the internet. By 2008, there were contactless payment cards which were first issued in the United Kingdom. One of the more recent payment methods is the Barclaycard which allows users to pay via wearable wristbands.

What Financial Solutions are Popular Now?

Nowadays, money transfer has become a reality after Western Union invented the electronic fund which was sent out via telegram. It has paved the way for current E-wallet giants such as Paypal and Skrill. These modes of payment are popular because they are universally accepted and eliminate the cumbersome possibility of walking around with physical currency. It is also faster to pay via credit cards and E-wallets thanks to the digital revolution that is taking shape. Recently there are numerous decentralized cryptocurrencies such as Bitcoin which are shaping the face of modern-day currency yet again. These currencies are not regulated by the respective central banks of any country, but rather, their valuation is entirely on their demand on the global market. They are purely digital and can be used in numerous financial transactions. Conotoxia is one of the new players on the digital finance market whereby it deals with forex trading, and more principally, currency exchange.



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About the Author

Tommy Wyher

Tommy is a writer from Tampa, Florida where he enjoys the beach as well as walking his huskies. A graduate of UNC Chapel Hill, Tommy was a first team All American as a swimmer during his time there.

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