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Payments
Payments Unbound
Payments Unbound - The digital magazine
Payments Unbound Articles
Evolution & Future of Payment Rails (Visual Timeline)

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Payments Unbound Volume 4 Payment Rails: A Visual Timeline

J.P. Morgan Payments

Tracking the evolution of payment rails

5 minute read

The world of payments is changing faster than ever

Payment rails are the underlying networks and infrastructure that enable funds to get from A to B without the transfer of physical money. They ensure that when a payment is initiated by one person or institution, it is received by the intended beneficiary. From wire transfers and cards to online transactions and real-time settlement, payment rails have experienced a dramatic evolution.

3rd Century BCE^{1, 2}

Bills of exchange

Before digital means of transferring money, there were analog mechanisms such as “bills of exchange.” These eventually evolved into modern-day checks.

1871

Wire transfer³

Before digital means of transferring money, there were analog mechanisms such as “bills of exchange”. These eventually evolved into modern-day checks.

1958

Card rails arrive⁴

Bank of America launched a consumer credit card offering revolving credit, the first of its kind. This evolved into Visa, and spawned a whole industry of credit cards.

1968

Automated clearing houses⁵

A clearing house is an organization that mediates the exchange of payments. The UK Bankers’ Automated Clearing System (BACS) was the first automated version.

1970

Real-time gross settlement systems (RTGS)⁶, ⁷, ⁸

The advent of digital communications enabled RTGS–the ability to settle large payments individually and immediately, rather than in batches—to proliferate, starting in the U.S. courtesy of the Federal Reserve.

1978

Standardization of international transactions⁹

Swift, a cooperative of 239 banks from 15 countries, established a payments network with common standards for international transactions.

1997

Mobile payments¹⁰

The first mobile payments were made in Finland, when Coca-Cola introduced vending machines that enabled users to authorize payment by sending an SMS.

1999

Peer-to-peer (P2P)¹¹, ¹², ¹³

PayPal was the first major P2P transfer provider. This model involves users funding accounts on a central platform, which then facilitates transfers by reassigning funds.

2001

Real-time payments (RTP)¹⁴, ¹⁵

Korea’s Electronic Banking System launched one of the first real-time payment systems offering immediate payments for lower-value transactions between individuals and businesses. Many systems have followed worldwide.

2009

Emergence of cryptocurrency¹⁶, ¹⁷

Bitcoin was the first cryptocurrency. Operating through a distributed "blockchain" ledger that’s not owned by a single entity, it facilitates funds transfer without intermediaries.

2010s

Rise of open banking and payment services¹⁸, ¹⁹

Regulatory changes forced banks to open their data to third parties via APIs. This has underpinned new services offering “pay-by-bank” or “account-to-account” transactions, remove card fees.

2020

Central bank digital currencies²⁰, ²¹

Following the crypto boom, central banks began looking into creating their own digital currencies. The Bahamas was the first to launch a CBDC, the Sand Dollar, in 2020.

2024

Account-to-account (A2A) payments at point of sale

A2A payments are growing fast. In 2024, innovators are exploring how these can come to physical retail terminals.