Evolution of Digital Payments

• 1994: First online purchase.
• 1997: First mobile payments and first contactless payments.
• 1999: Paypal launches electronic money transfer service.
• 2003: Alibaba launches Alipay in China.
• 2007: M-PESA created the first payments system for mobile phones.
• 2009: Bitcoin enabled secure and untraceable payments.
• 2013: WeChat Pay introduced, which by 2018 surpassed 800 million monthly active users.
• 2014: Apple Pay launched, introducing widespread biometric authentication.
• By 2023, $2 trillion+ mobile payment transactions could be authenticated by biometric technology.

Source: VisualCapitalist

Vivek Jain

Analyst at Axis Bank