The growing dominance of the internet and our digital dependency has dramatically altered many sectors. Finance is one industry that has been significantly impacted by these technical developments.
While our options were previously limited, we can now send, receive and convert money in more ways than ever before. Since the advent of e-commerce and the launch of online payment service PayPal in 1999, alternative finance has snowballed.
Now, we regularly use contactless payment services in stores, pubs and restaurants, and often use digital means to send money abroad. What's more, previously unknown concepts like Bitcoin have become common knowledge.
It's likely that you've made one of these transactions online in recent weeks, but do you really understand how each one works? The following infographic, created by currency experts Currency Fair, aims to shed more light on the process behind each transaction. It details what each process is, its history, how it works and its success. Check it out below to learn more (click on the infographic to enlarge it):