Monday, May 6, 2013
Innovator leaves behind payments legacy
Stanley A. Dashew, recognized as the inventor of the credit card, passed away in Los Angeles on April 25, 2013, at the age of 96. In 1950, the Harlem, N.Y., native founded Dashew Business Machines, which automated the nascent credit card industry by replacing paper "charge cards" with plastic cards. "Like the Dustin Hoffman character in the movie 'The Graduate,' it was revealed to me that the answer to all my problems – well, at least this one – was plastic," Dashew wrote in the Huffington Post.
The Los Angeles Times obituary of Dashew said the entrepreneur learned that a former colleague had developed a plastic material that could be embossed. With his team of engineers, Dashew built a computer with a keyboard that could emboss plastic cards with a customer's name, account number and expiration date.
Dashew's company also built what is likely the first "knucklebuster," which captured information off the embossed card and produced a customer receipt. Bank of America Corp., Chase Manhattan Bank and American Express Co.. then adapted the technology, the obituary said. Dashew's autobiography, You Can Do It: Inspiration and Lessons from an Inventor, Entrepreneur, and Sailor, was published in 2010.
Editorial Note:
Whether you want to upgrade your POS offerings, find a payment gateway partner, bone up on fintech regs or PCI requirements, find an upcoming trade show, read about faster payments, or discover the latest innovations in merchant acquiring, The Green Sheet is the resource for you. Since 1983, we've helped empower and connect payments professionals, starting with the merchant level salespeople who bring tailored payment acceptance and digital commerce tools, along with a host of other business services to merchants across the globe. The Green Sheet Inc. is also a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals.
Notice to readers: These are archived articles. Contact information, links and other details may be out of date. We regret any inconvenience.
