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Anonymous

Hey I am on Medial • 1y

💳 In 1949, Frank McNamara was dining in New York and, having forgotten his wallet, couldn't pay for his meal. 🍱 This inconvenience prompted him to create a payment card for use in various places without cash. In 1950, McNamara, along with his partners, founded Diners Club, which issued cards for payment in partner restaurants. At the end of the month, clients would receive statements and settle their debts. 🍽️ By the end of 1950, Diners Club had 20,000 clients and partnered with 285 restaurants. Interestingly, the first concept of a credit card was proposed in 1946 by banker John Biggins from Brooklyn. However, his idea didn't gain widespread traction. 💳 Thus, McNamara's everyday inconvenience led to the creation of the first mass-market credit card, changing the world of finance. 🪙

6 Replies

Replies (6)

Anonymous 4

Hey I am on Medial • 1y

Lol is this a case of solving one problem while creating another?

1 Reply

SHIV DIXIT

CHAIRMAN - BITEX IND... • 1y

Great innovation comes with great problems but it's depends on you how wisely you use that innovation

Anonymous 1

Hey I am on Medial • 1y

It's amazing how a simple problem like forgetting a wallet led to the creation of a revolutionary financial product.

Anonymous 3

Hey I am on Medial • 1y

isn't it worth questioning if the rise of credit cards has also contributed to financial issues for many people, like debt and over-spending?

Anonymous 2

Hey I am on Medial • 1y

Diners Club really paved the way for how we handle payments today. Kudos to McNamara for turning inconvenience into innovation.

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