Chapter 1
Payment-Card Industry
An Evolution
Payment has become the lifeblood of today’s economy. They are used by millions of people all over the world to buy goods and services in stores, online, through the mail, or over the phone. People often have multiple credit cards for their personal and business purchases. The use of these cards has resulted in an incredible growth for the payment-card industry. This chapter tracks the evolution of the payment-card industry and identifies key highlights in its incredible growth path.
1.1 The Development of a System: The Coming of the Credit Card
1.1.1 The Need for Credit: A Historical Perspective
The concept of credit is essential to the understanding of business. Indeed, it is perhaps the most integral ...
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