Early Stage of Money.
Humans have been purchasing valuables and commodities before the creation of money. The first way to buy things was batter, where goods or services were exchanged. As far back as 6000 B.C. people traded by the batter, and an item was exchanged for another in replacement of money (there was no agreed currency that could be called money). The barter system made the economy stagnant, as a way to improve the Global economy, shekel was created, a coin made out of metal. Shekel passed as a fungible object that could be exchanged for goods and services, making wealth to be adequately measured by assets, properties and coins.
Shekels which means ‘weight’ started becoming burdensome as it cannot be easily moved around, another disadvantage was forgery, blacksmithing was a popular occupation. This became a major problem that brought about the creation of money.
This form of money was a banknote made out of leather but it Paved way for the invention of paper banknotes. The paper banknote was accepted and lighter compared to the coin and the first banknote.
The evolution did not end at paper banknotes and coins, it progressed to digital transactions. Debit cards are now created to reduce the movement of cash. Looking back on where it all started, debit cards are inarguably more comfortable, one could move thousands, millions, or billions around without stress, either with 1 debit card, 2 or 3. No amount of money is too big to be stored electronically. Ever since 1990, when the first debit card was issued till the 2000s usage has increased, it is obvious that humans have accepted this instead of cash, causing the cashless system. Alongside debit cards is what we call Automated Teller Machine, ATMs; the widespread of debit cards has led to the consistent building of ATMs in different areas.
Advanced Cashless Economy: Decentralisation.
Though cashless transactions started in the 1990s, digital payment began in 2010, the financial system thought outside the box and this time, relied on the internet for a better solution.
“The trend towards the use of non-cash transactions and settlement in daily life began during the 1990s when electronic banking became common. By the 2010s digital payment methods were widespread in many countries, with examples including intermediaries such as PayPal, digital wallet systems such as Apple Pay, contactless and NFC payments by electronic card or smartphones and electronic bills and banking, all in widespread use.”
Why carry a bunch of cards and still carry smartphone(s)?
This question caused a more rapid progression which led to the development of mobile apps that could permit monetary transactions, E-commerce stores that can allow several purchases, virtual cards and the most incredible decentralised transactions.
Companies across the World invested in designing a better solution and this is still happening till date. However, the advanced cashless economy did not end at virtual cards or financial mobile software, it extended to minting digital currencies which permits the electronic transaction of funds on the blockchain network