I don’t quite understand how electronic payments came about after physical payment. How did they know for certain it would always work and there would be errors and things would get sent such as a payment or refund. How did people know it could be trusted to a point where it’s now probably the main payment method.
I don’t understand how they managed to take that leap.
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Self interest is a great motivator. Payment system operators want to convince merchants and banks that their system works. Banks don’t want to lose money and prefer customers keep more balance in their bank accounts. Merchants want to attract customers without more effort.
Different groups are motivated to ensure the system works and keep the other party honest.
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