In central banking the advances made in information technology and telecommunication have particularly led to a more efficient payment system catering for real-time gross interbank settlement. New developments in commercial banking include automated teller machines, credit and debit cards, telephone and inter-net banking, intelligent cards and card reading devices.
In the 1990s a further advance in technology made it possible to store monetary value on a silicon chip embedded in a plastic card or in a personal computer. This was the first step in the development of electronic money or e-money. Initially it was believed that this development would lead to a quick and dramatic change in the way that payments are made.