TPAO Trading Platform

We are so used to rattling coins in our pockets and rustling crumpled bills from our wallets that we have forgotten: just a few decades ago, the very fact that money was somewhere "in the air" seemed wild. Today, plastic, a recent revolution, is already considered a past century - it is being replaced by other, even less tangible expressions of money. Thus, in 2004, the NFC-payment system was announced (from Near Field Communication) - a technology of wireless data transfer between devices located at a distance of up to 10 centimeters. It is thanks to it that we can put our phone, which is always at hand, to the terminal at the checkout and not fumble in our bag looking for cash or a cardholder. There are also more futuristic things: for example, the payment ring, which was first presented in 2015 by the British startup Kerv. The technology is based on an NFC chip, and the gadget retails for almost £100. Last year, Visa introduced its own "smart" ring, and every year more and more new gadgets appear that also accumulate payment functions - watches, fitness trackers, etc.

The first plastic card, which we are used to, was produced in 1960. It appeared immediately with a magnetic stripe, which served as an electronic memory. Plastic cards owe their popularity to the American Express company, which in a year after the card issue brought the number of its owners to 470 thousand individuals and 30 thousand organizations around the world. Seeing the excitement around plastic cards, banks joined their issuance. Long Island Bank and Bank of America began mass production and distribution of cards, and in a few years the turnover of cards amounted to more than $25 million (that's a lot!). And by 1984, more than 70% of all U.S. residents between the ages of 17 and 65 used bank cards. Bank of America begins issuing licenses to other banks to issue bank cards. These banks create the NBI (National BankAmericard Incorporated), which later turned into the well-known Visa payment system.

The very word "banknote" in English means "bank record" - this name was not chosen by chance, as the history of paper money clearly shows.
So, the monetary system (both in Russia and in the world) began to actively improve with the emergence of banks. Banks initially performed exclusively the function of keepers of valuables and money. When depositing money, a person received a certificate, which indicated the amount of money that was in the bank's custody. This made it possible to pay not with heavy coins, but with light and convenient certificates. Over time, the certificates themselves became equal to money.

Money appeared much later than the formation of the national economy: at first, ancient tribes used means of exchange (cattle, fish, jewelry were exchanged for bread, meat, fabrics), and different peoples used different means of exchange. For example, in Mexico cocoa beans were used as "money", on the islands of Oceania - pearls and shells, in Alaska and Canada - pelts of valuable animals. Such commodity-exchange relations were not too convenient and there was a need to create a universal exchange equivalent. This is how money appeared. At first they were metallic (such materials as copper, silver, bronze were used in different countries). Paper money appeared only in 1910 and since then it has become a part of our life.

Before money appeared in Russia, cowrie shells and necklaces made of precious metal were accepted as payment for goods and services. Around the eighth century, dirkhem, silver kopecks, which were called kuns, appeared in Russia. In the X century, the kuns were replaced by Western European money, denarii - coins made of thin silver, on the surface of which were painted primitive images of kings. By the end of the X century in Kievan Rus' own minting of gold and silver coins was launched.
As for the first paper money in Russia, it appeared under Catherine II in 1769: issued paper assignations from 25 to 100 rubles could be freely exchanged for money made of copper. Around the same time, two banks were opened in Moscow and St. Petersburg.

The first metal money, minted coins, appeared in the 7th century BC. They quickly spread all over the world, as they had high value at low weight and volume. In addition, they could be conveniently transported, stored, combined, crushed.
With the expansion of commodity-production relations there was a need to increase the value of the exchange equivalent, and silver and gold became the main money. The year 910 was a turning point in the history of money development - it was at this time that paper money appeared in China. But if earlier their essence consisted simply in obligations to issue natural money (of corresponding value), today paper banknotes themselves are money.

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