The greatest inventions of the 20th century in the field of money

Money has always existed, but in different forms. The Da Vinci Institute studied hundreds of innovations in the world of money and compiled a list of ten inventions of the twentieth century that had the greatest impact on the global monetary system. Some important innovations, such as vending machines and gaming machines, traveler’s checks did not make the top list, since they appeared in the XIX century.

10 place: Electronic cash register. The year of implementation is 1906. The device was invented by Charles Kettering, the inventor of the first electric ignition system, the automatic starter for automobile engines and the first generator powered by the engine.

9th place: In 1918, electronic money appeared. It was then that the US Federal Reserve Bank for the first time transferred money through the telegraph. However, the idea seemed so wild to consumers that electronic money transfers were widely distributed only in 1972.

8th place: In 1920, the first armored collection vehicle appeared. He allowed to safely carry large sums of money. After 7 years, such a car was robbed for the first time.
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7th place: Electronic accounting tables. Dena Bricklin's tables, which he introduced in 1978, not only revolutionized accounting, but also captured the market for personal computer software applications. The most common spreadsheet in the world today is Excel.

6th place: Smart card. Roland Moreno, the "father of the microchip", received his first patent for a Smart Card in 1974. Using a microprocessor, a smart card can communicate with a central computer. Used to store information about previous transactions, receiving data from the bank and making payments.

5th place: RSA-coding (encryption), 1983. Encryption is an indispensable condition for the exchange of private information through general information networks, including the Internet. For example, when you buy something from an online store using your credit card.

4th place: Oh, that sweet word "credit"! The first credit bureaus appeared in 1937. By 1970, there were approximately 2,250 credit companies worldwide. Today the country in which loans are most popular is the United States.

3rd place: ATM. You will not believe it, but the first ATM appeared in 1939! However, in the first ATM the money could not be automatically withdrawn from the account, because the accounts were not connected by a computer network with an ATM. So their services were allowed to use only trusted customers.

2nd place: Barcode. In the late 1940s, the supermarket industry turned to Drexel University of Technology, Pennsylvania, to automate their cash registers. At that time, it took a lot of time to pay for purchases, and mistakes were often made when entering information about products.

1st place: Credit Card. Frank McNarma, the founder of Diners' Club , came up with the world's first universal credit card for restaurants in 1950. He issued a card to 200 clients. Today, Visa , American Express and MasterCard are among the most recognizable brands in the world. By the way, a credit card is a well-known financial trap that leads to bankruptcy due to the lack of a sense of cash money.

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