Quite recently, the migration from contact to contactless cards was set in motion, and today almost 70% of all the world’s issued cards are contactless. 4 In the 1970s, cards with a magnetic stripe (magstripe) containing the card details emerged, which in many markets were replaced by chip cards some 20–40 years later. In 1959, American Express introduced plastic cards. The first Diners Club Cards were made out of cardboard with printed ink displaying the card details. During the same period, cash payments have gone from virtually 100% in 1950 down to 20% in 2020. 2 This makes cards by far the most used method of payment globally. Fast-forward 70 years and card payments have proved to be an enormous success breaking the 50% barrier for the first time in 2020 (more than 50% of the world’s in-store payments were by card). The increase in card payments has been steady year over year ever since. Ever more merchants offered their customers the option to pay by card as an alternative to cash, and ever more consumers migrated their payments from cash to card. There and then, the global migration from cash to card payments was ignited. This embarrassing incident sparked the idea to create a card to pay instead of using bills and coins 1-the Diners Club Card was born. Luckily, his wife saved the night and paid the tab. A year earlier, businessman Frank McNamara was dining out when it came time to pay the bill, he realized that he had forgotten his wallet. The world’s first payment card was introduced in New York back in 1950. Jesper Domargård, VP Marketing, Financial Institutions, IDEMIA Physical cards have never been stronger than today The physical payment card continues to evolve and find its place in our fast-changing world for more than 70 years.
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