The History of Digital Payments including M-Pesa in Africa
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The History of Digital Payments including M-Pesa in Africa

Digital Payments Timeline

  • 1994: First online purchase is madeA CD of Sting’s Ten Summoner’s Tales is sold for $12.48 on NetMarket.
  • 1997: First mobile payments and first contactless paymentsCoca-Cola installs two vending machines in Helsinki that accept payment by text message.
  • 1999: Paypal launches electronic money transfer serviceEarly on, PayPal’s user base grew nearly 10% daily. Tesla CEO Elon Musk and venture capitalist Peter Thiel were among its co-founders.
  • 2003: Alibaba launches Alipay in ChinaToday, the mobile payment platform has witnessed stunning growth — leveraging digital wallets accepted by merchants in over 50 countries and regions.
  • 2007: M-PESA creates the first payments system for mobile phonesKenya-based M-PESA launched its mobile banking and microfinancing service. Today, it has over 37 million active users on its platform across Africa.
  • 2009: Bitcoin enables secure, untraceable paymentsSatoshi Nakamoto develops the first decentralized payment network in the world.
  • 2013: WeChat Pay is rolled into the popular messaging platformBy 2018, it surpasses 800 million monthly active users.
  • 2014: Apple Pay launchesBy 2023, over $2 trillion of mobile payment transactions could be authenticated by biometric technology.

As technological advances continue to unfold, advances in digital payment technologies are creating ripple effects globally.

THANK YOU TO https://www.visualcapitalist.com/digital-payment-adoption/ FOR THEIR CONTENT AND INSPIRATION

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