Credit Card Payment

What is a credit card? According to the dictionary here is the definition of the word:

A credit card is a payment card issued to a person for purchasing goods and services and obtaining cash against a line of credit established by the issuer. Credit cards can be of two types: those issued by merchants and vendors, such as department stores or oil companies, and general purpose credit cards issued by banks. Any card, plate, or coupon book that may be used repeatedly to borrow money or buy goods and services on credit. (see also bank, chargeback, credit, credit line, electronic data capture, payment system, secure electronic transaction) (includes acquiring processor, address verification service, authorization, capture, credit card company, credit deposit, interchange, interchange fee, issuer, payment processor or credit card association)

The first credit card was issued in 1951, but the credit has a much longer history.

Credit was first used in Assyria, Babylon and Egypt 3000 years ago. The bill of exchange - the forerunner of banknotes - was established in the 14th century. Debts were settled by one-third cash and two-thirds bill of exchange. Paper money followed only in the 17th century.

In 1950, Diners Club and American Express launched their charge cards in the USA, the first "plastic money".
In 1951, Diners Club issued the first credit card to 200 customers who could use it at 27 restaurants in New York. But it was only until the establishment of standards for the magnetic strip in 1970 that the credit card became part of the information age.

These days the credit cards are used in a more larger scale. The number of credit card owners is still growing. Visa has a good deal of evidence, since it processed 3.04 billion debit card transactions in the first half of this year and "only" 2.96 billion credit card transactions.