The History of Money:

Throughout history, the paper currency, metal coins and various other instruments were used to trade commodities. These items were also used as a store of value. The instruments could be traded on the open market for goods and services. An example, would be paper money that the user would give to the person selling an item. The person that accepts the money releases the items and in turn the seller can now use that money to purchase other products and services.

As time passes, the process o f transferring money or payments transformed into electronic processing systems such as credit card payments, debit card payments, loyalty cards, and various other forms of plastic card payments. The payment processing industry use methods such as credit cards and debit cards to process payments in the absence of cash.

The final phase of payments came into the internet such as Alipay, and Paypal. Users can process payments via online as long as the money was deposited into these companies.

In depth Analysis:

• 70% of people put money into savings and not into financial instruments.

• The United States encourage fintech and innovations.

• (World Economic Forum 2018: The Remaking of Global Finance) World bank Director Christine Lagarde mentions 2 billion people do not have access to a bank account. These people do not have access to transactions or even equity.