When the first general purpose credit cards were offered to the public, the most advanced technology involved—outside the back office, at least—was the machinery that embossed the names on the cards. To say that technology has transformed the payments business would be a considerable understatement.
Technology, of course, is the foundation of the industry today. We’ve come a long way from the days of “knucklebusters” and telephone book-like lists of “bad” card numbers to instant authorizations and electronic transaction processing. And as we see in this month’s cover story, technology will be driving our business well into the foreseeable future.
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