Friday, March 7, 2014

The appearance of the credit cards

There is a funny story behind the emergence of credit cards, in the late forties of the last century, the year 1949 almost there was a man named Frank McNamara who was the chairman of the company Hamilton's credit. He was one of the famous restaurants in New York City, accompanied by two of his colleagues in the company, he was the owner of the call to dinner to discuss some of the points associated with the work of the company at that time.

The problem was that they met to find a solution to it is that one of the customers have been unable to repay the amounts Walter accumulated and private card filling where it was used by himself and gives it to his neighbors as well, and saluting the accumulated the amounts and failed to repay them resorted to the company to find a solution for him. After that finished, Frank and his colleagues from the dinner and discuss the problem with this client and they were about to leave the restaurant, he asked Frank bill to pay for the foods that they ate, but it was a surprise waiting for him, the search in his pockets and found his wallet, remember that he dressed in a hurry and forgot purse House , felt very embarrassed in front of his colleagues and workers in front of the restaurant, finally .. Called his wife in order to attend to the restaurant, along with his wallet in order to pay the restaurant bill.

After waiting for a long time, filled with embarrassment and distress, and reached the wife Frank and her purse and he paid the bill, but it has been this incident occupy his thinking has been blended with dozens of other ideas related to credit and lending in the head until I found these ideas en route to emerge through the first institution to issue these cards in the world, a club or association and later the company derives its name from this story amusing "Diener Club". Enables Frank X McNamara annexation of about 200 people to this new idea, and all of them were friends and relatives and acquaintances bodyguards to McNamara arrived to a thousand people during the first year, and the card is accepted by the fourteen restaurant in New York initially arrived at the twenty-eight also during the first year, has expanded the idea very quickly during the period of a simple, bringing the number of subscribers to twenty thousand and expansion Diener Club from a single office on the fourth floor and the twentieth in the building of the Empire Stat "Impair State" to the three offices on the second floor thirty then the seventh floor and seventy in order to keep up with the expansion base buyers taken in the expansion degree steady, was the period between 1951 and 1958, a period of rapid spread of this new idea began to use local banks at the time and also originated a new unlike other cards such as Diners Club, American Express "American Express".

In 1960 expanded Diners Club by opening franchises in Malaysia, New Zealand, Japan, Hong Kong, Bolivia, Ecuador, Yugoslavia, Suriname, Ceylon, Zanzibar, and began some airlines cards are accepted Diners Club has been Racecourse Park in Miami is the first racetrack accept Diners Club cards. In 1966 issued a Bank of America "American Bank" Visa "Visa", and in 1968 issued debit cards "Debit Card", in the year 1969 has been added magnetic tape in most of the cards at the time to increase the safety factors out, in the year 1970. began to others and many companies accept Diners Club cards, including Howard Johnson, Hilton Hotels Corporation and others, in the year 1979 began the emergence of POS "POS" or "Point of Sale" Visa "Visa", in 1980 entered the Diners Club cards for the first visits to China and was the first credit card used in China as well, in the year 1983 was to start using the system ATM "ATM" or "Automated Teller Machines", and in the year 1993 was created the first digital system technology to combat crimes of fraud in credit cards Visa also.

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