Everyone in the universe know that payments in olden days were made through the barter system that includes exchanges of goods and services for other required goods services. This barter system has now become extinct with the usage of credit cards.
With a rapid growth in the banking system, large numbers of people across the world are now spending trillions of dollars through the credit cards that they acquire from the banks or financial companies. The infographic clearly shows about the evolution of paying customer and how the payments have evolved from last few decades.
Many theorists believe that barter system was implemented before the money preceded but it was never considered as a basis of an economy, but it was just used parallel to the monetary system.
A survey report illustrates that the barter industry in United States to grow by 5% to 10% every year and it was proven that US companies have made barter transactions worth of $16 billion in 2008.
Before the barter system came into existence, coin money was used by Chinese in 4th Century B.C. The history shows that first coins were used during the Iron Age Anatolia and Archaic Greece.
In later generations, coins were replaced by bank notes and it is believed that the bank notes first appeared in the Sweden during 17th century. With abrupt change in the technology, slowly after the usage of credit cards for financial transactions, people have now started making payments over the web world and payments via mobile devices is considered to be the latest trend in customer payments.