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Vertical Markets: Checking Into Hospitality |
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The travel and entertainment (T&E) industry has embraced electronic payments for more than half a century. The first credit card to be accepted at multiple locations—Diners Club—was rolled out in 1950 to 200 people and accepted by 14 restaurants in New York City. The Diners Club credit card didn’t receive competition until 1958, when American Express and the Bank Americard (later called VISA) arrived. The lodging sector of the T&E market, especially hotels and resorts, jumped on the credit card bandwagon, and today it is almost impossible to check into a hotel without a credit card for a preauthorization.
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