From Past to Present: Payment with Promissory Notes!

Although the use of promissory notes may seem to have decreased with the widespread adoption of credit cards, shopping with promissory notes is still a popular choice today. The promissory note payment method is indispensable for individuals who prefer not to deal with banks, those who have had difficulties with banks in the past and cannot pay with a credit card, or those whose credit card limits are insufficient. But when were promissory notes first used in history?

One of the earliest examples of banking in history occurred before money was used as a means of exchange, in the form of credit-based trade. It is known that the first commercial credit documents were used in Mesopotamia. Additionally, the valuables that people offered to temples became the source of the credit system. The loaning of these resources by religious officials for income generation and the temples being the safest place for storing money laid the groundwork for the banking system.

Initially, banking served only the wealthy, but with the emergence of credit cards, it found ways to reach a wider and more diverse audience. Credit cards, which began to be widely used in the late 1950s, opened the door for people living below a certain income level to access bank credit, making credit no longer an exclusive privilege of the wealthy.

The Evolution of Promissory Notes in History:

The conquest of Istanbul triggered the Renaissance in the West and, through geographical discoveries, transformed trade into an intercontinental activity carried out via oceans. Church law, which had long governed the rules of trade in the West, was replaced by Roman law. The flourishing of trade and the discoveries over oceans led to a shift in the church’s stance on interest, which became accepted. The lifting of the interest ban had significant effects on the development of banking.

In 1637, the Bank of Venice was established, and it developed a system that facilitated the use of checks and banknotes under the name "Contadi." In the 1640s, due to a loss of trust in the government caused by the King's pressure on merchants in London, merchants began handing over their gold to "Goldsmiths" (gold bankers) in exchange for a receipt. These receipts, known as "Goldsmith Notes," were given to those requesting loans and were the first seeds of the modern banknote system.

A significant example of the trust issue arose in Argentina in the 1990s when the country faced national bankruptcy and refused to pay its national debt. As the currency lost value, the use of promissory notes instead of paper money increased. However, creditors did not always trust debtors when using promissory notes. In such cases, some debtors took their notes to local priests for approval.

Keep Your Promissory Notes Secure with Semosis!

The use of promissory notes, which dates back to ancient times, continues today. In certain stores, especially those catering to individuals who cannot pay with credit cards, shopping is done exclusively with promissory notes and installment payments made by hand. But how are these promissory note payments made?

Today, when you shop with a promissory note from a store, you either need to go to the store with cash on the due date to make the installment payment or, if the note has been submitted to a bank, you must pay at the bank on the due date. However, with Semosis, you can pay your promissory notes—uploaded to the platform—using your credit card, debit card, or prepaid card anytime and anywhere. Moreover, Semosis provides automatic reminders for approaching due dates, reducing any potential risks.

Whether you want to create a new promissory note or upload your existing notes to the system, Semosis allows you to manage your payments securely and conveniently.