Download Electronic Value Exchange: Origins of the VISA Electronic by David L. Stearns PDF

By David L. Stearns

Even if these born after the Nineties may perhaps by no means have recognized a time with no them, fee playing cards and the digital and computing networks they turn on went via an specific technique of production and adoption—a approach which actively formed those ubiquitous platforms into what they're this day. to appreciate why those structures ended up the way in which they did, one first must comprehend their origins, and the way judgements made of their early years essentially formed the way in which they evolved.

Electronic worth alternate recaptures the origins of 1 of those structures specifically: the digital fee community referred to as VISA. The publication examines intimately the transformation of the VISA process from a set of non-integrated, localized, paper-based financial institution bank card courses into the cooperative, international, digital worth alternate community it truly is this present day. Following an introductory bankruptcy that units the context, chapters adhere approximately to chronological order, construction the tale in a logical fashion.

Topics and features:
* offers a background of the VISA approach from the mid-1960s to the early Nineteen Eighties, charting the layout, production and adoption of the method in the course of its beginning years and so much prolific interval of innovation
* offers a ancient narrative according to examine amassed from own records and interviews with key actors who designed, outfitted, and took part within the VISA check system
* Investigates, for the 1st time, either the technological and social infrastructures priceless for the VISA method to operate
* offers a close case learn, highlighting the mutual shaping of know-how and social relatives, and the impact that previous details processing practices have at the manner organisations undertake pcs and telecommunications
* Examines how “gateways” in transactional networks can strengthen or undermine validated social obstacles, and studies the institution of belief in new fee devices

This insightful paintings should be of curiosity to researchers from a number disciplines, from historians of expertise, company and finance, to economists and sociologists, in addition to the overall reader. using educational jargon is saved to a minimal, and short motives are supplied of worthwhile innovations from technological know-how and know-how experiences for the advantage of these and not using a heritage during this box.

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Extra resources for Electronic Value Exchange: Origins of the VISA Electronic Payment System (History of Computing)

Example text

This “card” was actually a small booklet that opened up to list all the establishments that accepted it. 41 The story reported by the press was that MacNamara was entertaining a business acquaintance one evening in a New York restaurant, and when the bill arrived, he discovered he had not brought enough cash. To avoid embarrassing himself in front of his guest, he telephoned his wife who then drove from Long Island to deliver more cash. 42 This story would normally lend credibility to the theory that technologies develop due to pressing social needs, but unfortunately, it was completely fabricated.

The value created by this time lag is often too small for a consumer making a low-value purchase to notice, but for high-value transfers between business or banks themselves, this float-value often becomes a significant motivator for resisting changes to the payment mechanism. In 1913, The Federal Reserve System was established primarily to reform the US banking system in general, but part of their mandate was to improve the way checks were cleared as well. The creation of the Fed had two important effects on this check clearing and settlement process.

Note that the loyalty reason actually seems a bit tenuous. If a cardholder could obtain a card from one merchant, that same cardholder could likely obtain cards from competing merchants as well, as there was no centralized credit reporting agency that would stop a consumer from obtaining multiple cards. If cardholders tended to be more loyal to a given merchant, it may be for more complex reasons. 14 Mandell 15 Calder (1990), p. 17. (1999). Early Charge Cards 7 Western Union and the Department Stores Western Union was one of those large-scale merchants that offered credit accounts to both businesses and recurring customers.

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