Square, Visa, PayPal and MasterCard are collectively worth $1.07 trillion, while the “big six” banks, which include JPMorgan, Bank of America, Wells Fargo, Citigroup, Morgan Stanley and Goldman Sachs are worth less than $900 billion in total
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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… Continue reading Evolution of Digital Payments