It all started in 1950, when Frank McNamara forgot his wallet in a New York restaurant. McNamara, along with Ralph Schneider, decided never to face such an embarrassment again and returned to Major’s Cabin Grill the following year to pay with an innovative solution: a small cardboard card [1]. The event, known as the “first dinner,” marked the debut of the Diners Club card, preparing the ground for the modern multifunctional charge card.
By 1951, Diners Club membership had grown to 42,000, and the card gained acceptance in major US cities and created a new kind of financial community [1]. The success of Diners Club inspired further innovations in the financial sector. In the 1960s, Bank of America issued its first million cards and established a licensing model that later evolved into Visa. Around the same time, various regional bank card associations merged to form what was initially known as Interbank and later became MasterCard.
Digital change
The advent of the Internet in the early 1990s revolutionized many industries, including finance. The first consumer online payment was made in 1994, heralding a new era of e-commerce, facilitated by emerging giants such as Amazon, Google and PayPal. The introduction of smartphones in 2007 further accelerated this trend, making it easier, more convenient and more secure to make online payments without a computer.
Recent years have seen significant advances in payment technologies, particularly mobile solutions. Mobile wallets, in-app payments, mobile POS systems, carrier billing and NFC technology have changed the way consumers interact with financial services. In particular, platforms such as WeChat have integrated multiple functions into a single app, combining communication, banking and commerce into a seamless user experience.
Future trends and forecasts
Mobile wallets are expected to surpass traditional credit cards as the preferred online payment method by 2024. The global e-commerce market, which is already growing rapidly, is expected to reach $7.3 trillion in the same year, driven largely by mobile commerce [2]. In addition, buy now pay later is gaining popularity, offering consumers a way to more efficiently manage the cost of instant purchases. Digital wallets are increasingly being linked directly to bank accounts, a trend accelerated by regulatory changes and wider adoption of open banking. This shift is expected to continue, and by the end of the decade, much of the funding for digital wallets will come directly from bank accounts.
Inpost surprises again with innovation
InPost, operator of Poland’s largest network of parcel machines, recently introduced InPost Pay, a service that combines payment and delivery into one seamless process. Users activate InPost Pay via the InPost Mobile app on Android and iOS platforms. The process involves simple steps described in an instructional video on InPost’s dedicated website. Once activated, users can add products to their shopping cart using the “Add to cart in InPost Pay” button. The service supports a variety of payment methods, including card payments, Blik, digital wallets and even cash on delivery.
We offer a simple, one-click shopping process that eliminates the main difficulties of e-commerce in Poland. Our solution increases purchase conversion by up to 30-70%, depending on the industry of the online store. In addition, we help you acquire new customers. Nearly 85% of InPost Pay users represent a new group of customers for our e-commerce partners – we acquire them from among the millions who use InPost services. We also shorten the entire shopping process to a few tens of seconds, while preserving the possibility of cross-sell and customer loyalty by the seller,” Szymon Wallach, VP of Digital and Strategy at InPost for PTWP – Food Portal [3].
The potential and future of InPost Pay
With more than 10 million users of the InPost app, the potential of InPost Pay is significant. It has already gained 1 million users in early April 2024, seven months after its launch [3].
With the end of October, InPost Pay – a revolutionary service combining payment and delivery in a single button – debuted in the first online stores, Wyborcza.pl wrote on 24.10.2023.
Its convenience is likely to drive widespread adoption and encourage retailers with benefits such as discounts on parcel delivery. InPost CEO Rafal Brzoska highlighted the service’s potential during a presentation with business partners, preparing the ground for its wider implementation.
Fot. press kit
Bibliography:
[1] Diners Club International, https://www.dinersclub.com/about-us/history/ [accessed 18.04.2024].
[2] ICterra, The History and Future of Payment Trends, 12.06.2023, https://www.icterra.com/the-history-and-future-of-payment-trends/ [accessed: 18.04.2024].
[3] PTWP – Portal Spożywczy, InPost Pay has 1 million users, https://www.portalspozywczy.pl/handel/wiadomosci/inpost-pay-ma-1-mln-uzytkownikow,252367.html [accessed 18.04.2024].
