Digital Finance: As payments systems go digital, they are changing global finance | Special Report

The fight over payments systems is hotting up around the world. There may be surprising winners, says Arjun Ramani | Special report

For centuries humans have mostly used physical objects, including cash, to transact. Banks were originally meant merely to safeguard commodities such as grain, rather than being linked to consumer payments. Later, cheques became tied to bank accounts. The first credit cards (Diners Club in 1950) and cards with magnetic stripes (American Express in 1971) started a broader shift away from paper money and cheques for retail payments. But they were mostly limited to developed economies and to affluent customers of banks, still the central nodes of finance...