The process of electronic funds transfer was approved in the US in 1978

Key moments in fintech history include the transatlantic cable’s invention and E-Trade’s founding

Founded in 1982, E-Trade was the first-ever online brokerage, pioneering a method of investing that is common today. Its story is part of a timeline that the New York Times put together of key moments in early fintech history.

Explore a visual timeline of fintech’s history and growth

From the debut of the world’s first ATM in 1967, to Apple Pay launching in 2014, financial technologies have come a very long way in a relatively short historical period. A colorful visual timeline highlights some of the most important milestones along the way.

Electronic trading transformed investing, ushering in a new era for retail investors in which average Americans could research stocks online and then use early platforms like StreetSmart and E-Trade to conduct their transactions

In the early 1990s, stock brokerages knew that online trading would be a great equalizer, creating opportunities for more individuals to buy and sell stocks.

ETFs were first created as an alternative to mutual funds, combining the diversification benefits of a mutual fund with the ability to trade throughout the day on a stock exchange.

Congress mandated that the Fed streamline check payments

When it was first created in the 1910s, the Federal Reserve System became a crucial link between the nation's regional banks. The increasing number of checks used by the thousands of banks across the nation required a central operator, and the Fed was uniquely positioned to help. Learn more about the role the Fed played in the history of checks.

ATMs drastically expanded access to checking accounts in the 1960s

The invention disrupted the local bank industry, allowing customers to access cash around the clock and when out of town. The innovation also reduced the headcount needed for bank services and created a new revenue stream via ATM fees for noncustomers. This 50-year anniversary retrospective revisits the cash kiosk.

eCash paved the way for today’s popular crypto investments

Bitcoin is typically cited as the first decentralized cryptocurrency. But some argue that back in the 1990s, eCash was technically the first cryptocurrency, although it wasn't decentralized.

The Nasdaq was founded in 1971, marking the debut of electronic trading

The Nasdaq stock exchange arguably invented electronic trading, making it a key part of fintech history. It's often used as a benchmark for how the tech industry is performing.

Consumers will use digital payment processing for nearly $40T in spending by 2028

That's just one signal of the industry's massive growth. Investments in the global fintech industry have grown from $4B in 2010 to $92.3B in 2021, as both businesses and consumers seem to quickly adopt new fintech products, from digital payment apps to robo-advisers.

Why there are microchips in credit cards

Credit cards have evolved significantly since their invention in 1950, but security lagged in the US for years. Despite handling only a quarter of global transactions, the US once accounted for half of all credit card fraud. The 2013 Target data breach helped push the adoption of chip cards, reducing fraud but shifting risks to online scams.

The Federal Transit Administration distributes roughly $20B annually to support local transportation

Created by the Urban Mass Transportation Act in 1964, the FTA funds and oversees the roughly 2,200 transit systems that receive federal support across the US, covering everything from subway capital investment to rural bus service.

Mutual funds were first created and sold in the US in 1924.

The first ATM—dubbed a 'cash dispenser'—was installed in 1967 in London

Specifically, the first ATM (which stands for “automatic teller machine”) made its debut at a Barclays bank in London. A timeline of ATM history can help illustrate and visualize other key events in ATM history.

The United States had a washing machine that cleaned dirty dollar bills

In the early 1900s, the US Treasury Department had a machine that washed and ironed old, soiled paper bills. The machine helped the Treasury save money by decreasing printing costs for new dollar bills, but had nothing to do with the modern understanding of money laundering.

Before transistors, which regulate the flow of electricity, vacuum tubes—glass tubes containing no gas that resemble light bulbs—served as the electronic switches in computers.

In 2025, the 'two strikes and you're out' rule took effect to protect consumers from repeated attempts to withdraw money

After years of being delayed by litigation, a 2024 US Supreme Court ruling upheld a law that prevents lenders from attempting to take payments from accounts with insufficient funds more than twice without reauthorization. This tactic is commonly used by payday loan companies, which technically require repayment on the day borrowers receive their paychecks.

Customers wrote just one check a year in 2024, on average

Major retailers like Target have stopped accepting checks in recent years as real-time payment systems are increasingly being implemented across the US. This shift is considered an improvement in safety—as checks are vulnerable to fraud—but can lead to some exclusion for those without access to digital devices.

Crypto's origins date back to 1983

While crypto feels new, it actually dates to 1983, with eCash's creation. However, a lot has happened in the crypto world over the past few years in particular—crypto's market cap surpassed $2T for the first time in 2021, for instance. A timeline of crypto's history details the events in between.

Only 14% of transactions are in cash, as of 2025

Credit (35%) and debit (30%) cards have long eclipsed cash as the primary method of payment in the US. It is a primary backup, however, with 90% of customers intending to use cash to pay or store value and 80% carrying cash.

How the US first installed an electronic fence along the southern border

The US Border Patrol's first automated surveillance system launched in 1970 with 177 ground sensors installed along a single section in California. The sensors had already been used in Vietnam, along the so-called McNamara Line, and were connected by radio transmitters to magnetic-tape computers. They were implemented to target people defined by law and deportable aliens.

Fintech relies on technology, not physical location, to serve financial customers

Most of the industry's prominent players were created since 2010, and are still in a growth phase. These institutions have broadly disrupted traditional banking and have pushed physical banking locations toward obsolescence.

Paper check usage is down 83% over 25 years

At the start of the millennium, more than 68 million checks were processed daily. Amid the adoption of automated clearinghouse (ACH) payment systems, that number has sunk to 12 million a day.

The transatlantic cable allowed for communications between North America and Europe

It had significant impacts on just about every industry, including finance. Specifically, the transatlantic cable made it so that real-time financial transactions could take place across the Atlantic, and allowed for much faster sharing of information that increased global market accuracy.

While the Fed is involved in issuing new generations of cash, the way it adds to the money supply does not involve printers

The majority of money in circulation is credit, not cash. This credit, which acts similarly to direct deposit from employers, is added to bank accounts by the Federal Reserve. The Fed also employs tools like the federal funds rate and open market operations to expand or contract credit.

As technology evolved, so did Wall Street

Before the telephone was invented in the mid 1800s, people had to trade stocks in person. But once office telephones and computers became commonplace, banks and other financial institutions didn't necessarily need to have their headquarters near exchanges like Wall Street's New York Stock Exchange.

The SEC recently approved bitcoin ETFs in landmark investing decision

In January 2024, the US Securities and Exchange Commission made history when it decided to allow fund issuers to launch bitcoin ETFs. This new class of exchange-traded fund tracks spot bitcoin prices, essentially allowing investors to hold bitcoin without actually having to buy the crypto.

The Federal Reserve follows the health of the US economy by tracking the money supply

That includes all of the physical and electronic money in circulation. It tracks not only US coins and bills, but also the money that moves through bank deposits. The Fed uses metrics called trackers to follow different types of transactions through the money supply.

The history of credit cards begins with the 'Fresno Drop.'

On a 1958 morning in Fresno, California, about 60,000 people woke up to find a strange rectangular piece of plastic on their doorstep without explanation. Those chosen for the "Fresno Drop" didn't know it yet, but Bank of America was behind the credit card delivery stunt.

American Express is credited with inventing the traveler's check

In the 1890s, then American Express President James C. Fargo was frustrated that he couldn't get cash while traveling in Europe outside of major cities. Marcellus Berry, an American Express employee, came up with the idea of a traveler's "cheque": a prepaid check, similar to cash, that requires the signature of both the customer and the receiving institution to be valid. American Express never modernized the spelling of the word "cheque" and stopped providing them at the end of 2020.

Watch a video that visualizes what really happens inside a credit card network when you make a purchase.

The concept of CDs dates back to the 1600s in Europe

Banks in the US started issuing CDs in the early 1800s as the banking system began to take shape following the Revolutionary War. The federal government did not formally insure CDs until the FDIC was formed in 1933.

How US currency is issued

Cash in the US is the result of a collaborative process between the Federal Reserve, the Treasury Department, regional banks, and a little-known agency called the Bureau of Engraving and Printing. From design to issuance, learn the steps in currency production in the US with this smart, aesthetic interactive.

The pros of exchange-traded funds include ease of access through brokerage apps and retirement savings accounts

One unexpected perk is that ETFs are typically associated with lower capital gains tax requirements. Read this list to learn more about the benefits of investing in ETFs.

Listen to a podcast episode from 1440's editor in chief that explains how a credit card transaction works behind the scenes.

When you buy even something as small as a $5 latte, a global relay between banks and networks like Visa and Mastercard is triggered. It all started with a 1958 campaign from Bank of America that jump-started the credit card revolution.

The first stablecoin pegged to the US dollar launched in 2014

That coin was Tether, also known as USDT. Other key dates in stablecoin history include Circle's launch of USDC in 2018, and, more recently, President Donald Trump's signing of the GENIUS Act in 2025.

From bartering to banking, temples to electronic transactions, here’s banking has evolved significantly since ancient times

A few historical facts about banking (like that one day, not long ago, certificates of deposit were physical pieces of paper) may not surprise you. But did you know that the church was the original lender? And that Julius Caesar himself invented foreclosure?

US women got the right to open a credit card in their own name in 1974

Before that year, banks in the US were legally allowed to deny women credit or charge them higher interest if they failed to get a male cosigner.

The US has used a wide variety of different currencies between the 1690s and today

From colonial money to national banknotes, people have used all kinds of forms of currency throughout the history of the United States before settling on the dollar bills and quarters that we pay for things with today.

Fintech could help democratize access to banking

More than 1.3 billion adults worldwide do not have access to basic banking services as of this writing—but some experts believe that the fintech industry can help with that by targeting groups of people who have historically been underserved by traditional banks.

In 1882, American Express began offering money orders to compete with the US Postal Service

Money orders were American Express' first move into financial services. USPS launched its money order service in 1864 as a way for Civil War soldiers to send money back home. Between the 1880s and 1920s, immigration into the United States surged;the American Express money order service gave immigrants a way to send money to family members living in other countries.

Periodically, the Federal Open Market Committee decides whether to raise, hold, or lower the federal funds rate

The federal funds rate is the interest rate at which banks lend their excess funds through the Fed. This influences what banks are willing to pay consumers for their deposits in savings and CD accounts. Typically, the higher the federal funds rate, the higher the interest rates on CDs.

The Federal Reserve is the most powerful financial institution in the US

The Fed controls the money supply, determines interest rates, and regulates the banking system. Established in 1913 after a volatile series of financial panics, the central bank has managed to retain its legitimacy despite broad critiques against its obscure and independent decision process.

Transistors are the foundational components of integrated circuits and microchips and manage the processing of electronic signals by controlling the flow of electricity.

ETFs are rising in popularity

While less than half of retail investors hold ETFs in their portfolio, this figure is up dramatically in recent years, and experts forecast continued adoption as more options hit the market and total ETF assets under management continue to grow.

In 2025, American Express paid $230M to settle fraud and deceptive marketing charges

American Express launched a wire payment service targeted at small businesses and falsely touted the service as a tax-deductible business expense in 2018. American Express was also accused of allowing small businesses to open corporate credit cards without the necessary employer identification number (EIN).

There have been many versions of US banknotes throughout history

From the Civil War to the present day, the US has gone through many, many versions of paper money (or “notes”). Some notes, like “demand notes,” were created to finance the Civil War. Others, like “treasury notes,” helped pay for silver.

USB connectors for universal data transfer debuted in 1996

Since the introduction of USB 1.0 by a consortium of companies, data transfer speeds have steadily increased from 1.5 megabits per second to 40 gigabits per second as of 2019. Variations in USB connector types enable them to be used for applications and devices that require different speeds and power.

The US dollar is the official currency of the United States and is the most circulated currency around the world

The US dollar was established in 1792 and comes in the form of coins or paper money. It's considered one of (if not the most) stable currencies in the world due to America’s strong and robust economy, as well as its relatively stable government.

Before the invention of transistors, vacuum tubes made radio possible

Discovered by Thomas Edison, vacuum tubes allow electrical currents to travel through empty space. Later modified into a diode—keeping current flowing in only one direction—vacuum tubes allowed electronics to turn alternating current into direct current.

In 1999, Microsoft and Intel’s addition signaled the information tech era for the Dow

Microsoft and Intel became the first information technology firms added to the DJIA. Their inclusion marked a turning point—the digital revolution and tech began to drive the American economy.