Guest Blogger Arone Silverman

As far back as the late 1800s, consumers and merchants exchanged goods through the concept of credit, using credit coins and charge plates as currency. It wasn't until about half a century ago that plastic payments as we know them today became a way of life.

From Frank McNamara's first Diners Club Card made of cardboard to future credit cards - incorporating a 12-button keyboard, a microprocessor and an embedded alphanumeric display promising to provide unprecedented security in phone and online banking transactions - credit cards have always provided a widely accepted payment method.

The story goes, 60 years ago, Frank McNamara, the founder of what's considered the first credit card, was eating out at a restaurant, and when the check arrived, he realized that he had not brought along his wallet. The embarrassing situation led him to eventually create the Diners Club card, which allowed members to pay restaurant bills monthly. The card itself was wallet-sized and made of paper and wasn't any fancier than a library card. But the idea behind it-a third party facilitating a "buy-now, pay-later" process-was revolutionary.