The credit card was hot only a business and economic breakthrough, it was also a technical revolution. The original cards did not include holograms and were made of paper. However, they were instrumental in moving credit flow from the ° business sector to the private consumer sector. The technological breakthrough was not in developing a new material or manufacturing technique, Rather, it was the application of a simple concept on a wide scale. How a little piece of paper became a technological and social milestone involves an interesting story of embarrassment.

Long before automated teller machines, cash was obtained at the bank during banking hours. Credit accounts were established on faith. One business sent material to another business, and the receiver sent a check after receiving the goods. This is credit, based on the faith that the receiver will pay for the goods and...