Payment Services

Payment Services


The payment services industry consists of credit card processing and money transferring companies. These companies include the major, longstanding businesses such as American Express Company, MasterCard, and Visa, as well as First Data Corporation and Fidelity National Information Services. The top digital payment processing and money transferring service companies include PayPal, Square, and Venmo, among many others. In 2019, the credit card processing and money transferring industry generated more than $79 billion in revenue, as reported by the market research group IBISWorld. There are 4,741 payment services businesses and the industry has more than 155,456 employees.

There are many different types of jobs within the payment services industry, such as  financial clerks, financial advisors, financial anaylsts, financial managers, loan officers, customer service representatives, human resources professionals, accountants, to name just a few. Most jobs require a two- or four-year degree in business or economics, and some jobs may require a master's degree. Many employers also provide training on specialized computer software and other technology.

The use of currency to purchase products and services dates back centuries. Prior to coins and paper money, people bartered, paying with cows, sheep, chickens, or other livestock, for example. By the 1800s, merchants would extend credit to loyal customers, and in the early 1900s, department stores started offering store-specific cards. By the mid-1900s, credit cards were introduced for consumers to use as methods of payment for a variety of products and services, such as for entertainment, household products, and oil and gasoline. For example, the 1950s saw Diners Club, American Express, and Bank of America's BankAmericard as the first credit cards. The magnetic strip was added to cards in the late 1960s, and the 1970s brought Visa (a spinoff from BankAmericard) and Mastercard (previously known as MasterCha...