Payment System History

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Payment System History

Presentation Topic

Group Member…

Name Id

Md. Al-Amin. 120206004

Md. Abdul Wahab Rubel. 120206047

Kazi Sakline Haque. 120206084

Md. Yasin Hosson. 120206050

Payment

A payment is act of transferring wealth to another person or company.

The generally accepted method of payment for trade in an economy.

The mechanism, the rules, institutions, people, markets, and agreements that make the exchange of payments possible.

Payment System

Payment system have a long history. It was started in 6000 BC. Payment system change day by day.

In 2014, payment system is more easy, more secured.

History of Payment Systems

The most primitive form of payment isbarter.

The direct exchange of goods and servicesfood other goods and services.

One of the first evidences of bartering isin 6000 BC

Barter

Barter

Barter

In 600 B.C., Lydia's King Alyattes minted the first

official currency. The coins were made from electrum, a mixture of silver and gold that occurs naturally, and stamped with pictures that acted as denominations.

Lydia's currency helped the country increase both its internal and external trade.

Gold Coin

Gold Coin

Paper Money

Paper bills were first used by the Chinese, (A.D. 618-907).

Chinese used it for exchange goods and service more than 500 years before the practice began to catch on in Europe in the 17th century.

Development of the modern banknote

The First Paper Money in America Was Issued in 1690.

The government thought it best to issue certificates to the troops in lieu of paying them with coins. A piece of paper would represent a coin's worth and could later be redeemed for "real money."

Permanent issue of banknotes

  A temporary experiment of banknote issue was carried out by Sir William Phips as the Governor of the Province of Massachusetts Bay in 1690.

The first bank to initiate the permanent issue of banknotes was the Bank of England in 1695.

Issue of banknotes Generally, a central bank

or treasury is solely responsible within a state or currency union for the issue of banknotes. However, this is not always the case, and historically the paper currency of countries was often handled entirely by private banks.

Sub-Continent Note

British Note Pakistani Note

Bangladeshi Note

Bank check

Small book containing preprinted paper instruments issued to checking account holders and used to pay for goods or services.

E- payment is a application systems must provide payment processing and transaction service to buyers and sellers.

Electronic Payment

Electronic Payment

Mobile payment

M-payment is also a application systems here, payment transfer from buyers to sellers.

Mobile payment